Miami is a major center and leader in finance, commerce, culture, arts, and international trade. The metro area is by far the largest urban economy in Florida and the 12th largest in the United States, with a GDP of $344.9 billion as of 2017. In 2020, Miami was classified as a Beta + level global city by the GaWC. In 2019, Miami ranked seventh in the United States and 31st among global cities in business activity, human capital, information exchange, cultural experience, and political engagement. According to a 2018 UBS study of 77 world cities, the city was ranked as the third-richest in the world and the second-richest in the United States in purchasing power. Miami is nicknamed the “Capital of Latin America” and is one of the largest majority-minority cities in the United States with over 72.7% of the population being of Hispanic and Latino descent.
Greater Downtown Miami has one of the largest concentrations of international banks in the United States, and is home to many large national and international companies. The Health District, home to Jackson Memorial Hospital and the Leonard M. Miller School of Medicine at the University of Miami among others, is a major center for hospitals, clinics, and the biotechnology and medical research industries. PortMiami is the busiest cruise port in the world in both passenger traffic and cruise lines, and refers to itself as the “Cruise Capital of the World”. Miami is also a major tourism hub for international visitors, ranking second in the country after New York City.
Miami continues to contend with a range of challenges affecting the metropolitan area, including significant and rising levels of traffic, continued rapid commercial development, a proliferation of Miami escorts and urban sprawl as well as rising levels of crime. A significant risk to Miami as well as the state of Florida arises from environmental factors including hurricanes and other tropical storms.
Miami is a major center of commerce and finance and boasts a strong international business community. According to the 2020 ranking of world cities undertaken by the Globalization and World Cities Research Network (GaWC) based on the level of presence of global corporate service organizations, Miami is considered a Beta + level world city, along with Atlanta, Dallas, and Houston, however according to the US census between the years 2015–2019, Miami lacks in terms of owner-occupied housing, computer and internet usage, education regarding bachelor’s degree or higher, median household income, per capita income, while achieving higher percentage of persons in poverty. Miami has a Gross Metropolitan Product of $257 billion, ranking 11th in the United States and 20th worldwide in GMP.
Several large companies are headquartered in Miami, including but not limited to Akerman LLP, Alienware, Arquitectonica, Brightstar Corporation, Celebrity Cruises, Carnival Corporation, Duany Plater-Zyberk, Greenberg Traurig, Inktel Direct, Lennar Corporation, Norwegian Cruise Line, Oceania Cruises, OPKO Health, Parkjockey, RCTV International, Royal Caribbean International, Sitel, Southern Wine & Spirits, Telemundo, Vector Group, Watsco and World Fuel Services. Because of its proximity to Latin America, Miami serves as the headquarters of Latin American operations for more than 1400 multinational corporations including Walmart. Additionally, companies based in nearby cities or unincorporated areas of Miami-Dade County include, Benihana, Burger King, Carnival Cruise Line, Navarro Discount Pharmacies, Perry Ellis International, Ryder, Sedano’s, UniMás, and U.S. Century Bank.
Miami is a major television production center, and the most important city in the United States for Spanish language media. Telemundo and UniMás have their headquarters in the Miami area. Univisión Studios and Telemundo Studios produce much of the original programming for their respective parent networks, such as telenovelas, news, sports, and talk shows. In 2011, 85% of Telemundo’s original programming was filmed in Miami. Miami is also a significant music recording center, with the Sony Music Latin headquarters in the city, along with many other smaller record labels. The city also attracts many artists for music video and film shoots