Economy

A World Class Economy

Miami boasts a dynamic corporate landscape, an unparalleled diverse workforce, a pro-business tax framework, world-ranking educational institutions, and an exceptional quality of life, which are only some of the reasons why businesses large and small, from mid-market companies to Fortune 500 leaders, have set up shop in Miami.

$260B

Total GDP

With a gross domestic product of $260 billion (2024), Miami ranks first in Florida and fourteenth nationally. This remarkable economic output is comparable to that of Greece and is poised to surpass Denmark, showcasing Miami’s significance on the global economic stage.

$65,000

Median Household Income

The median household income in Miami stands at $65,000, showcasing a vibrant economic landscape. Notably, residents aged 25 to 44 enjoy strong earning potential, reflecting the area’s appeal to young professionals.

0%

Individual Income Tax

Miami benefits from a business-friendly tax environment, notably with a 0% individual income tax rate. This unique advantage attracts entrepreneurs and businesses alike, contributing to the city’s appeal as a prime location for investment and economic growth.

5.5%

Corporate Income Tax

Florida’s corporate income tax is 5.5%, among the more competitive rates nationally. This attractive rate positions Miami favorably against states with higher taxes, encouraging businesses to thrive in the region.