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Miami is a major center and leader in finance, commerce, culture, arts, and international trade. Miami’s metropolitan area is by far the largest urban economy in Florida and the 12th largest in the U.S., 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 U.S. in business activity, human capital, information exchange, cultural experience, and political engagement. According to a 2018 UBS study of 77 world cities, Miami is the second richest city in the U.S. and third richest globally in purchasing power.[18] Miami is a majority-minority city with a Hispanic population of 310,472, or 70.2 percent of the city’s population, as of 2020.
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