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, with a gross domestic product of $344.9 billion as of 2017. According to a 2018 UBS study of 77 world cities, Miami is the third-richest city in the U.S. and the third-richest globally in purchasing power. Miami is a majority-minority city with a Hispanic and Latino population of 310,472, or 70.2 percent of the city’s population, as of 2020.