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Miami's Money Magnets: Revealing the 15 Wealthiest Neighborhoods You Need to Know

By Beni Restea | March 16, 2024

Home to celebrities, athletes, tech entrepreneurs, and big business moguls, the magic city offers some of the finest luxury money can buy. 

Being a playground for the wealthy with rows of waterfront mansions and exquisite cars, let's walk you through the richest part of Miami, where opulence and grandeur sleep.

Here are the top 15 most affluent neighborhoods in Miami.

  1. Fisher Island

When it comes to luxury and a neighborhood truly displaying wealth in Miami, then think of Fisher Island.

The lavish treat of an island spans 216 acres and lies secluded in the waters of Miami. As a resident here, you are only getting in on a ferry, boat, and, of course, a helicopter.

Real estate in Fisher Island is what you'd expect—crazy expensive. Houses here range from the lows of $2 million to the highs of $40 million. The wealthy folks here enjoy private beaches, clubs (with membership tickets costing $20,000 annually), plush yachts, and golf courses.

  • Population: 484
  • Average House Value: $5.8 Million
  1. Star Island

Think of luxury; imagine grandeur; that's what you get at Star Island. Like its name, many (if not all) are stars and A-list celebrities. From Shaquille O'Neal to P. Diddy and Gloria Estefan, you will find tons of influential names on this island.

Coming through the gates, you can already tell you have entered a different haven. Every breathtaking estate on the island has up to 30,000 square feet of land area. 

Movers in Miami, FL, or any of the locals will tell you the architectural home style has a touch of almost every corner of luxury in the world. 

Each housing estate has its private dock for flamboyant yachts, and every house includes private amenities like movie theaters, swimming pools, fitness centers, and commercial kitchens with chefs.

  • Population: 265
  • Average House Value: $37.5 Million
  1. Gables Estates

Found in Coral Gables, the Gables Estates is another luxury and prestigious neighborhood in Miami. The homes here are famous for their Mediterranean-style designs and tropical landscaping from renowned architects like Ramon Pacheco.

Residents in this estate have 24/7 security guarding the entrances and a patrol team constantly monitoring the neighborhood. Every home here requires at least 3,000 square feet of land.

Common luxurious extras you'll find in the homes here are eight-car garages, yoga studios, fitness centers, game rooms, and even indoor rock climbing walls. Real estate prices in this area have been up 25.5% over the past year. 

  • Population: 4,245
  • Average House Value: $17 Million
  1. La Gorce Island

Developed by Carl Fisher in 1924, La Gorce Island in the North Beach region of Miami has a stunning historical value.

Being an old affluent neighborhood, only people of the highest class and status can claim a home here. Popular A-list celebrities like Jennifer Lopez, Matt Damon, and Phil Collins once called this island home.

On the island, there's an over 100-year-old country club with a strict invitation and letter of recommendation for getting in. Once accepted, initiating members pay fees as high as $80,000 and extra annual fees running in the tens of thousands.

  • Population: 2,874
  • Average House Value: $5.3 Million
  1. Camp Biscayne

Families like the Rockefellers and Alexander Graham Bell called Camp Biscayne home in the early 1900s. This idyllic, secluded enclave in Coconut Grove is another display of wealthy opulence.

Only about 21 homes make up this neighborhood, and houses here are rarely on the market. The architectural footprint here has remnants of historic wooden cottages, while some residents have added a nice blend with remodeled ultra-modern designs.

Residents here have private swimming pools, imported Italian marble floors, stunning movie theaters, and a nice view into the Biscayne Bay.

  • Population: 479
  • Average House Value: $1.55 Million
  1. Coconut Grove

One of Miami's oldest and most expensive neighborhoods, Coconut Grove, is a place of rich history and splendor. The Vizcaya Museum & Garden, built between 1914 and 1922, is a historic landmark found on the grounds of The Grove.

While this neighborhood has a perfect mix of the old-day charm and tranquil ambiance, residents here often engage in luxurious, stylish living with exotic private parties. 

Some big names staying or have resided here include Jimmy Buffett, David Crosby, Madonna, and more.

  • Population: 21,517
  • Average House Value: $2.2 Million
  1. Indian Creek Island

With only one gated and 24/7 guard entrance into this island, the Billionaire's Bunker, as popularly called, is a testament to opulence and luxurious living.

The island is famous for housing famous faces and big names like Ivanka Trump, Giselle Bundchen and Tom Brady, Julio Iglesias, and Carl Icahn. Even the island country club has the highest number of classy members— $150,000 worth of initiation fees.

On the 300-acre island, you'll find homes with European-inspired architecture, sparkling pools, rooftop gardens, full gyms, and private waterfront access.

  • Population: 54
  • Average House Value: $21.48 Million
  1. Hibiscus Island

Also located among the fine islands on Biscayne Bay is the Hibiscus Island. With the early development of this neighborhood going back to the 1920s, the island has maintained its status in Miami as a pristine landmark for luxury and prestigious, secluded living.

Residents here have a stunning view of the iconic Bay and boast private docks for individual yachts and boats. With barely 400 residents on Hibiscus Island, this is one of the rich neighborhoods in Miami where tranquility meets opulence.

  • Population: 394
  • Average House Value: $14.9 Million
  1. Hammock Oaks & Lakes

Filled with green scenery, the Hammock Oaks & Lakes neighborhood is where anyone enthusiastic about greenery and luxury living should stay—with the 83-acre Fairchild Tropical Botanical Garden not far away. 

The streets of this neighborhood have oak trees lining the road paths, and have a gated entrance; 100% privacy and seclusion. Housing patterns here have Mediterranean and Spanish designs, finishing with tons of imported marble and stone adornments.

Residents of the island are high-end developers, business executives, and, most notably, the Grammy-award-winning producer Timbaland.

  • Population: 31,111
  • Average House Value: $7.5 Million
  1. Key Biscayne

Just off the South coast of Miami Beach lies a neighborhood with abundant affluent households. What's one of the richest neighborhoods in Miami known for, like Key Biscayne? Pristine beaches, luxurious real estate, and stunning recreational facilities.

Being a small town with a nice touch of opulence and an eye for community, Key Biscayne is a perfect family-friendly neighborhood to raise kids while keeping them under the embrace of wealth.

  • Population: 14,809
  • Average House Value: $1.9 Million
  1. Upper East Side

The East Side, as popularly known, holds tons of significant value in the history of Miami. This affluent neighborhood showcases a mix of history and a contemporary lifestyle.

There are many house designs from the 1920s and 1940s within this area, and a lot more have been renovated to fit modern appeal. Living in the Upper East Side neighborhood of Miami, you will find stunning canopy trees and other tropical plants lining the streets.

On average, this neighborhood has more public parks than most, but the real estate here is still primarily owned by the city's rich percent. 

  • Population: 15,056
  • Average House Value: $1.1 Million
  1. Golden Beach

Established in the late part of the 1920s, the Golden Beach neighborhood sits pretty between the Intercoastal Waterways and the Atlantic Ocean, while offering some of the most gorgeous views to its residents.

Privacy and security are on another level here; the neighborhood has its own private police force and marine unit monitoring the waters. Even the parks, white sand beaches, and green space for walking are majorly private for the residents. 

Many wealthy folks live here—some like Bill Gates, Eric Clapton, and the late Paul Newman.

  • Population: 531
  • Average House Value: $12 Million
  1. Tahiti Beach

In this neighborhood, privacy and security are on top of the game. As a resident here, there's the certainty of quiet living, with paparazzi unable to pop up where you live. To access this neighborhood, you need to be on the guest list—no random stranger can just walk past the guarded gates.

With only over 25 magnificent estates in Tahiti Beach, residents have everything they need privately. Even the homes and buildings' architecture has European and Mediterranean-style finishing.

Lavish extras in the homes include elevators, poker rooms, full-sized gyms, wine cellars, and movie theaters.

  • Population: 100+
  • Average House Value: $12.4 Million
  1. South of Fifth

Located in the southern part of Miami Beach, South of Fifth (or SoFi), it exudes nothing less than a lavish lifestyle and luxurious splendor. Residents here have penthouses, large open-plan houses, skyscrapers, and rooftop pools. 

The numerous towers and architectural marvels in the neighborhood come from award-winning architects and world-renowned interior designers.

There are amenities here you would only find on a red carpet that seems pretty normal here. From 24/7 security services to valet parking and constant concierge, luxurious and the good life lives here.

  • Population: 2,657
  • Average House Value: $1.7 Million
  1. Pinecrest

Imagine the classic American dream and the "you can have it all" mentality; you truly get it all in Pinecrest. If you are trying to escape the bustling city life with tons of luxury and splendor, this neighborhood is a perfect escape for you. 

This neighborhood showcases an enchanting aura as you go through the multi-acre homes sitting on its shores. While there are many residents here, mostly only the wealthy folks have access to this place.

It's not as private as other rich neighborhoods, but it does hold out on its own.

  • Population: 18,400
  • Average House Value: $4.8 Million

Final Words

If luxurious living and absolute splendor are your things, then you should have your eyes on the richest part of Miami. Although there might be tons of imported architecture and unfamiliar designs, the vibrant Miami culture perfectly intertwines with these rich neighborhoods. 
Miami's real estate will continue to evolve, more exotic neighborhoods will come out, and at the forefront of all the sparkle and luxury will be the affluent residents who make it what it truly is.

Beni is very passionate about real estate, finance and traveling, which is the motivating force behind the inspiring topics he writes about for
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