WRE News: Latin American Investors Flock to Miami, Reshaping Banking Landscape

Miami, FL – December 20, 2023 – Latin America’s wealthiest investors are flocking to Miami at an unprecedented pace, driven by a mix of regional instability and enticing yields not found in their home countries. JP Morgan, along with Brazil’s major banks, is capitalizing on this migration, experiencing significant asset and client growth while overseeing approximately $180 billion from the region, prompting plans for further expansion in Miami. Wealth under management in Miami has surged by around 10% this year from Mexican clients alone, with similar trends observed in Argentina, Chile, Peru, and other Latin American nations.Political shifts in Chile, Peru, and Colombia, towards leftist governments, contribute to a capital flight to safer havens like Miami, driven by factors such as high US interest rates, the prospect of rate cuts by the Fed, and a preference for dollar-denominated assets. The Miami market’s allure persists, fueled by Latin American crises prompting individuals to invest in the stability of US real estate.