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No, it’s not the oligarchs from Russia, or Warren Buffet. Nor is it any famous (or infamous) billionaires. Last year, Brazilian buyers accounted for more than half of all the properties selling for $500,000 or more in downtown Miami, and nearly 50% of all of the million dollar properties on Miami Beach.

Brazil is one of the BRIC countries (Brazil, Russia, India, China) whose economies have not been affected by the global recession. They have cash and are ready to buy.

Read More (Forbes)