Miami is now the second-most expensive metro area in the US. These CEOs are fueling its billionaire boom.

Move aside, Wall Street: Miami is vying to be the new epicenter of US business, tech, and wealth.

A recent Bloomberg report found that the cost of living in the Miami metropolitan area has surpassed that of New York City, making it the country’s second-most expensive major metro area, behind the San Francisco Bay Area.

The Miami metro area, which had long offered a tropical lifestyle with cheaper costs of living than the Big Apple, has seen a sharp rise in its consumer prices since 2019, while homeownership and other costs have helped push up its cost of living, per Bloomberg, which cited the US Bureau of Economic Analysis’ latest data.

Those rising costs include tuition, goods, and services.

Home-insurance premiums, the most expensive in the country, have also increased amid higher home values and the region’s risk of severe weather.

Still, finance firms, tech companies, and consumer brands have expanded their presence in the city, from opening new offices to relocating headquarters — and their executives have joined the wave.

It comes as California is weighing a proposed billionaire tax, and New York City has adopted a new tax on non-primary residences over $5 million.

Beyond the tax benefits, Miami is attracting wealthy individuals for its lifestyle. “You can’t beat the lifestyle,” Manny Varas, a luxury homebuilder who works with billionaire clients in South Florida, told Business Insider.

Varas, who has built and renovated homes for the likes of Jennifer Lopez, Lil Wayne, and the Bezos family, said that the city’s “pro-work and creative environment,” as well as its culinary, hospitality, arts, and events scene, are among the biggest drivers of billionaires’ decisions to move to Miami over other tax-friendly states.

Some of these leaders have officially announced they or their companies are moving to the Sunshine State, while others have quietly snapped up property in the city in recent months, signaling a potential expansion of their presence there.

While some have cited business interests, others have publicly shared factors such as family proximity and Miami’s culture.

Here are some of the most notable people and companies that have recently relocated or bought up property in Miami as the cost of living in the city continues to rise to unprecedented levels.