The number of Miami millionaires has increased by 75% over the last decade

The influx of the ultra-rich into Miami has skyrocketed, with the number of millionaires increasing by 75% over the past decade.

Charlie Garcia, managing partner at R360, an exclusive community of ultra-rich individuals with a median net value of roughly $400 million, noted: “If you look at the number of billionaires who have moved to Florida, it’s unbelievable. This causes problems.” He he said “Making dinner reservations has become much more difficult.”

The “305” has turn into one of the hottest destinations for millionaires and billionaires in the US, and the millionaire population growing 90% in West Palm Beach and 75% in Miami over the past decade, in accordance with the 2023 Wealth Report. Miami is one of the 4 cities with the highest concentration of millionaires, centimillionaires and billionaires.

Garcia attributed the surge in R360 members in Florida partially 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 do, 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 pursue everything,” he said.

Florida’s lack of state income tax, estate tax and capital gains tax make it a sexy destination for the ultra-wealthy who need to preserve their wealth.

The most notable recent transfer is Jeff Bezos, who moved from Washington to Miami. According to , the billionaire is predicted to avoid wasting about $600 million in taxes over the next yr by unloading inventory of e-commerce giant Amazon. While some states, resembling California, Connecticut, Hawaii, New York and Washington, are imposing or proposing additional taxes on the wealthy, the Sunshine State’s tax-friendly policies proceed to draw the ultra-wealthy.

“Regulations won’t make people move if there are no other reasons to move… it’s a much more complex decision,” said Barbara Goodstein, one other managing partner in R360’s New York office.

She emphasized that Florida’s appeal as a destination for the wealthy goes beyond its favorable tax policies, but it’s also highly wanted for its warm weather, housing and cultural attractions.

reported that there was a rise in distant work played a key role in driving the state’s population growth, giving professionals greater flexibility to relocate. However, it isn’t just individuals who’re behind this influx; businesses are also coming to the Sunshine State in droves.

HireAHelper.com’s comprehensive evaluation of SEC filings revealed a remarkable 86% increase in the number of corporate headquarters established in Florida in the 12 months ending March 2023 – the highest growth rate of any state. The study also found that three Florida cities – Jacksonville, Tampa and Miami – secured positions amongst the top 10 U.S. cities for gaining the most corporate headquarters, underscoring the state’s growing attractiveness as a business center.