The Ultra-High-Net-Worth Following Bezos to Florida

The Ultra-High-Net-Worth Following Bezos to Florida

Nick Polutchko
Posted by Nick Polutchko
Updated on
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Published in Local News

Jeff Bezos first announced he was moving from Washington to Florida in November. Since then, many people have put two and two together and realized that Bezos stopped selling Amazon stock in 2022 when Washington state's 7% capital gains tax went into effect. But, now that he's officially a Florida Man with zero state capital gains tax, he's started selling again. And he's not the only ultra-high-net-worth individual who's moved to Florida recently.

some of the yachts in Miami of the ultra-high-net-worth individuals who have moved to Florida

Ultra-High-Net-Worth Individuals Moving to Florida in Waves

The area that Jeff Bezos has moved to in Miami is known as 'Billionaire Bunker'. Palm Beach has 'Billionaire's Row'. Then there's Jupiter Island, and some of the most exclusive communities in Jupiter like Admirals Cove and Bears Club. More communities, neighborhoods, towns, and cities all over South Florida are attracting ultra-high-net-worth individuals and their families. Why? Well, there are a few reasons. For one, Florida has no state income tax. That's nice for everyone who lives here, but for the ultra-high-net-worth individuals, that's serious savings. And, as mentioned above, there is no state capital gains tax either. That has already saved Jeff Bezos about $288 million. That's the kind of thing that makes noise in wealthy circles.

The second reason is the most obvious reason, and it's why some people have always flocked to Florida: the winter weather. During the months of November through June, South Florida is an American Paradise. Warm weather, sunshine, blue skies, and blue water. If you're looking for a place to park your yacht, or for some of the best waterfront restaurants in the country, then South Florida can't be beat.

The third reason is one that everyone in Florida can relate to. Once you move here, friends and family come to visit you. Once they see all that South Florida has become and will continue to grow into, many of them often seriously ponder why they are choosing to stay somewhere that doesn't offer the same lifestyle, climate, or economic benefits. Some make the decision to join you.

One of the biggest things holding people back from moving to Florida used to be that they didn't know anyone here except their grandparents. That has changed. Everyone from the Northeast or the Midwest knows someone who has moved to Florida in the last few years. Florida was one of the early states to reopen after the pandemic, and that was very attractive to people up north who could work remotely. Even if they couldn't work remotely, many of their companies opened offices in South Florida or even relocated their headquarters. So, now more of the active workforce than ever before has packed up and moved down here, and that has compounded Florida's growth. 

Other High-Net-Worth-Individuals Moving to Florida

Jeff Bezos isn't the only one heading south. Fellow notable billionaires Ken Griffin (CEO of Citadel), Carl Icahn (founder of Icahn Enterprises), Daniel Och (founder, chairman, and former CEO of Och-Ziff Capital Management), and Josh Harris (co-founder of Apollo Global Management, managing partner of the Philadelphia 76ers, the NHL's New Jersey Devils, and the Washington Commanders) have all made Florida their home base in the past few years. The shift to Florida has followed the technology adoption curve. First, there were the "innovators", then the "early adopters", then the "early majority" & "late majority" and then there will be the "laggards". In early 2024, we're probably still in the early majority phase. Maybe just crossed into the late majority phase, because the secret is out. Florida is booming, and people of all tax brackets are bolstering the local and state economies. 

Considering a Move to Florida? Contact Our Experts

You've no doubt heard what's going on here. Maybe a friend of yours who's moved here won't shut up about how much better it can be down here. Maybe you've been thinking about it for a while now. Well, if you're curious, then reach out to us on our contact page, or start browsing some of the currently available listings now.

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