Just Released: Analytics Miami 2025 Q4 Report & Forecast Themes of the week: Wealth Migration • 2025 Q4 Report & Forecast • New Interviews Wealth migration is the theme of the week, and will be the theme of the century. Global HNWI relocations reached record levels in 2025 and still increasing into 2026. Within the United States, a clear trend persists: high value tax payers are relocating and our feeder jurisdictions are predictably increasing their hostilities to capital. The net effects of California billionaire tax are obvious. Recall that Bezos moved to Miami when his home state proposed a wealth tax. He would have accounted for 45% of the theoretical revenue. Today I read that the Netherlands is likely to start taxing unrealized capital gains at 35%. One starts to wonder what these regimes may start doing to curtain inevitable exoduses. Wealth mobility is real. Miami's emergence as a destination for wealth is evident in the year-end and Q4 numbers.
Empire cycles, Trump and Miami Real Estate
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Recent events are very much in corroboration of internal disorder predictions I have been making for a few years. I have used a certain Venn diagram in every speaking even I have had since Covid 19.
It is a powerful illustration of the three baseline forces feeding the momentum cycles we see around us now. And these momentum cycles are shaping our markets. (most notably the polarization of wealth & belief systems, both of which are fueling domestic intrastate migration).
All of Ana Bozovic's events can be seen here: https://analytics.miami/events/
I have had full confidence getting behind a #LongMiami thesis because it was clear to me that we are in a period of rapid change. Three forces, throughout history, have ushered in periods of rapid change. They are:
- Transformative tech adoption.
- Wars
- natural empire cycles
History never goes backwards, and I saw clearly years ago that we are currently in the middle of the Venn diagram, with all 3 forces overlapping.
Recent events are characteristic of the empire cycle portion.
May 30: for the first time ever in American history, a former president is convicted of felonies.
June 11: for the first time in American history, a child of a sitting president is convicted of a crime.
July 13: there is an assassination attempt on a former president, and I believe it is the first we have had an assassination attempt on a current presidential candidate.
I have been saying for years that America is on the "Brazil Path". From now on I believe that every president will at some point be tried for crimes, and our country will continue to polarize on many fronts. Increasingly incompatible belief systems and realities will coexist across our nation.
5 years, 10 years, 20 years: they are all rounding errors when it comes to history. But for our lives, those time frames are very significant.
The human spirit and entrepreneurship flow towards the paths of least resistance. The country is reshaping, and South Florida is emerging as one of the places conducive to creation and growth.
While we cannot fully predict the future, we can at the very least, physically position ourselves to be in place that is on the receiving end of the wealth and talent.
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