Millionaires flee to South Florida for favorable tax conditions

In recent years, especially from 2014 to 2024, South Florida has emerged as a robust hub for millionaires, surpassing New York City in terms of rapid wealth growth. The Henley & Partners World’s Wealthiest Cities Report for 2025 highlighted cities like West Palm Beach and Miami as the fastest-growing destinations for the wealthy. According to Dina Goldentayer, a leading agent, this migration is largely due to the dissatisfaction of affluent individuals with the political climate and high taxes in their home states, particularly blue states such as California and Illinois. Many wealthy individuals are seeking refuge in areas with favorable tax structures and a more appealing quality of life. Consequently, South Florida's average millionaire demographic is diverse, and many are shifting to this region as concerns about crime and quality of living in their previous locales drive the change. Goldentayer noted the post-pandemic migration has led to an influx of approximately 1,000 new residents daily, indicating a significant shift in population dynamics. Florida's appealing political landscape, combined with its zero-income-tax model, continues to draw individuals looking for stability and safety. The agent expressed optimism that South Florida could develop into a leading financial center similar to Wall Street, as the migration trends suggest an ongoing transformation. However, while Miami and West Palm Beach are on the rise, New York City remains the leader in the overall number of millionaires, hosting about 384,500 wealthy individuals. This population density makes direct comparisons challenging, yet Goldentayer believes that as South Florida markets are aggregated, they could rival Manhattan in millionaire counts. She emphasizes the need for New York to acknowledge and value its wealthy residents to prevent a continued migration toward South Florida, promoting a sense of urgency for improving their market appeal. As the popularity of South Florida continues to grow, many wealthy newcomers are intent on enjoying their wealth without the added concern of crime levels, which has emerged as a major factor in relocations. Goldentayer highlighted the luxury living lifestyle that South Florida offers, which includes better weather, favorable taxes, and more relaxed regulations. She's also critical of the rising costs that have historically plagued places like New York City, indicating that South Florida's attractiveness lies in its current affordability and quality of life, but she hopes it does not reach a saturation point that reduces its allure.