Miami’s Millionaire Boom: A 75% Surge Over The Past Decade

Florida's lack of state income tax, estate tax, and capital gains tax continues to lure the ultrarich to Miami.

The influx of the ultrawealthy in Miami has skyrocketed, with a 75% increase in millionaires over the past decade.

Charlie Garcia, a managing partner at R360, an exclusive community for ultrawealthy individuals with an average net worth of around $400 million, noted, “If you look at the number of billionaires who have moved to Florida, it’s off the charts. It’s causing issues.” He told Fortune, “Getting dinner reservations has gotten a lot more difficult.”

The “305” has emerged as one of the top U.S. destinations for millionaires and billionaires, with the millionaire population growing by 90% in West Palm Beach and 75% in Miami over the past decade, according to a 2023 Wealth Report. Miami ranks among the top four cities with the highest concentration of millionaires, centi-millionaires, and billionaires.

Garcia attributed the spike in Florida-based membership at R360 partly to recent tax law changes in states like Washington, which imposed a 7% capital gains tax in 2022. “It’s not what you have or what you make, it’s what you keep…what you keep every year, what you keep when you die…what you keep if there’s a slip and fall in your house, and they come after you for everything,” he said.

Florida’s lack of state income tax, estate tax, and capital gains tax makes it an attractive destination for the ultrawealthy seeking to preserve their wealth.

Jeff Bezos, who moved from Washington to Miami, is the most notable recent transfer. According to Fortune, the billionaire is expected to save around $600 million in taxes over the next year as he unloads stock with e-commerce giant Amazon. While some states like California, Connecticut, Hawaii, New York, and Washington are imposing or proposing additional levies on the wealthy, the Sunshine State’s tax-friendly policies continue to lure the ultrarich.

“The laws aren’t going to cause people to move if there aren’t other reasons to move…it’s a much more complex decision,” Barbara Goodstein, another managing partner at R360’s New York office, said.

She emphasized that Florida’s allure as a destination for the affluent extends beyond its favorable tax policies, but it is also highly sought after for its warm weather, housing, and cultural attractions.

Business Insider reported that the rise of remote work has played a pivotal role in fueling the state’s population surge, providing increased flexibility for professionals to relocate. However, this influx is not solely driven by individuals; businesses have also been flocking to the Sunshine State in droves.

A comprehensive analysis of SEC filings by HireAHelper.com revealed a remarkable 86% increase in the number of corporate headquarters established in Florida during the 12-month period ending in March 2023 –- the highest growth rate among all states. The study further highlighted that three Florida cities — Jacksonville, Tampa, and Miami — secured positions within the top 10 U.S. cities, gaining the most corporate headquarters, underscoring the state’s burgeoning appeal as a business hub.