Billionaires are flocking to these 3 Florida localities—here’s how much they save in taxes
Florida's lack of a state income tax and wealth tax is pulling the ultrawealthy to three localities in particular.
Three Florida localities have become attractive destinations for billionaires seeking to avoid wealth taxes. Miami, Palm Beach County, and Naples are among the top choices for the ultrawealthy. In Miami, the billionaire population has grown 94% in a decade, with 19 of Florida's 20 richest billionaires living there. Notable residents include Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, Larry Page and Sergey Brin, and Citadel's Ken Griffin.
Palm Beach County has also attracted significant wealth, with Larry Ellison's 16-acre estate in Manalapan and Citadel, BlackRock, and Goldman Sachs expanding their operations there. Naples, known for its golf, privacy, and beaches, hosts a large concentration of millionaires per capita and several billionaires, including Jacksonville Jaguars owner Shahid Khan.
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