4 minEconomy
Billionaires Flock to Three Florida Localities as Wealth Taxes Drive Relocations
As California and Washington advance wealth tax proposals, ultrawealthy individuals are relocating to Miami, Palm Beach County, and Naples, where Florida's lack of state income, capital gains, and wealth taxes offers substantial savings.
As California and Washington move forward with proposed wealth taxes, a growing number of billionaires and ultrawealthy individuals are relocating to Florida, where the absence of state income, capital gains, and wealth taxes offers substantial financial advantages. Three localities in particular have emerged as primary destinations: Miami, Palm Beach County, and Naples.
California's Proposition 40 would impose a one-time 5% levy on the net worth of billionaires who lived in the state after Jan. 1 this year. The departures of figures such as Google cofounders Larry Page and Sergey Brin could cost the measure an estimated $29 billion of the $100 billion it aims to raise. Washington, meanwhile, is set to implement a flat 9.9% tax starting in 2028 on residents earning at least $1 million, prompting executives like Amazon founder Jeff Bezos and former Starbucks CEO Howard Schultz to leave for Florida.
Florida has no state income tax, no capital gains tax, and no wealth tax. Because the ultrawealthy typically derive income from stock sales or dividends rather than salaries, the savings can be enormous. Larry Ellison, for example, saved an estimated $1 billion in taxes by establishing an estate in Palm Beach County as his primary residence before selling Oracle stock, according to Forbes.
Miami has become the most prominent hub for wealth migration, with 19 of Florida's 20 richest billionaires officially residing there. Many cluster on guarded islands such as Indian Creek, known as Billionaire Bunker, where Bezos has assembled a property compound worth more than $230 million. Meta CEO Mark Zuckerberg, Page, and venture capitalist Peter Thiel also live there. Citadel's Ken Griffin moved his hedge fund's headquarters to the city, and Page has spent more than $180 million building a compound in Coconut Grove. Miami's millionaire population has grown 94% in a decade, reaching nearly 40,000, according to Henley & Partners' World's Wealthiest Cities in 2025 report.
Palm Beach County has also become a major wealth center. Ellison made a 16-acre Manalapan estate his primary residence, about 10 miles from Mar-a-Lago. Griffin has invested roughly $450 million in a waterfront compound in the county. Citadel, BlackRock, and Goldman Sachs have all expanded there, earning the area the nickname Wall Street South. Between 2014 and 2024, West Palm Beach and Palm Beach saw their millionaire populations jump 112%, the fourth-fastest growth of any city globally, according to Henley & Partners. The Business Development Board of Palm Beach County counts approximately 60 billionaires countywide.
Naples, long a retirement destination, continues to attract vast wealth, particularly passive wealth from retirees and heirs who prioritize golf, privacy, and beaches. Forbes in June called it the place where America's new old money hides, noting it is frequently cited as having one of the highest concentrations of millionaires per capita in the country. Several billionaires live in Naples and nearby Marco Island, including Jacksonville Jaguars owner Shahid Khan, worth about $13.3 billion. Two of the six priciest neighborhoods in America by price per square foot, Port Royal and Aqualane Shores, are located in Naples.
The trend underscores how state-level tax policy is reshaping the geography of American wealth. While wealth taxes target assets like stocks, real estate, and art rather than income, the income and capital gains taxes that billionaires avoid in Florida are what keep them there. As more states consider similar measures, Florida's appeal as a tax haven appears likely to endure.
