The Wealth Shift: Why the Rich Are Flocking to Unlikely Places Ryan Serhant, CEO of his eponymous firm and real estate expert on TV's Owning Manhattan, recently made a bold claim about the American city landscape: wealth is "multiplying" in unexpected markets.
While cities like New York, California, and Florida continue to attract high net worth individuals, Serhant argues that the ultrawealthy are diversifying their portfolios by investing in secondary homes in areas like Ohio, Alabama, and the Carolinas.
This assertion may seem counterintuitive given the influx of billionaires to Florida, where 19 of the state's 20 richest residents call Miami home.