Miami-Forum has the list of the world’s richest cities.

Miami ranks 29th.

That would explain why a 2-bedroom/1-bath 1,200 sq ft house built in 1950 on a lot of 5,000 sq ft in a middle-income neighborhood in Coral Gables sold for $575,000 in August 2006.

Of course, that was before the housing bubble burst and the place is now in foreclosure…