Miami (), officially the City of Miami, is a coastal metropolis located in Miami-Dade County in southeastern Florida, United States. With a population of 442,241 as of the 2020 census, it is the 44th-largest city in the United States and the core of the nation's eighth-largest metropolitan area. The city has the third-largest skyline in the U.S. with over 300 high-rises, 58 of which exceed 491 ft (150 m).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. In fact, Miami is the fourth-largest majority-Hispanic city in the United States, with 70.2% of its population being Hispanic in 2020.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 and urban sprawl. A significant risk to Miami as well as the state of Florida arises from environmental factors including hurricanes and other tropical storms, rising sea levels and the ongoing impact of climate change on the coastal areas of the city.