By Mary Prenon

In 1976, the Steve Miller Band released its hit song “Take the Money and Run.” Fifty years later, that message appears to resonate with some of America’s wealthiest individuals who are relocating their families and businesses from high-tax states such as California and New York to lower-tax, business-friendly states, particularly Florida.

Starbucks founder Howard Schultz, for example, announced his exodus from the West Coast to Miami in a recent LinkedIn post. He and his wife, Sheri Schultz, decided to leave Seattle after more than 40 years and move to Miami for their “next adventure.”

Schultz cited “sunshine” and proximity to family as the main reasons for the move.

“We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own,” he wrote in the post.

The Schultzes are the latest billionaires to relocate to Florida.

Peter Thiel, co-founder and chair of software tech giant Palantir, said that his global firm is moving its headquarters to Miami from Denver, Colorado. Theil made the brief announcement in mid-February on X. The company earlier moved from Palo Alto, California, to Denver in 2020.

Back in November 2023, Amazon founder Jeff Bezos announced he was moving to Miami to be close to his parents. At the same time, he noted that his space company, Blue Origin, was increasingly shifting operations to Florida.

A ‘Definite’ Migration Pattern

Nadia Evangelou, senior economist and director of real estate research with the National Association of Realtors (NAR), told The Epoch Times that the association sees a “definite” migration pattern among ultra high-income households out of high-cost, high-tax states.

“About 14 percent of these movers are coming from New York, followed by 13 percent from California, and 9 percent from Pennsylvania,” she said, citing NAR analysis of 2024 Census data.

“On the destination side, Florida stands out by a wide margin.”

About 47 percent of households earning more than $500,000 annually who moved across state lines chose Florida in 2024, according to the NAR analysis. Texas was the second most popular destination, attracting 19 percent, followed by Arizona at 14 percent. Major economic hubs, including Miami, continue to attract high-income movers.

Henley & Partners, a global investment migration consulting firm based in Scottsdale, Arizona, reported a 125 percent jump in the number of millionaires and billionaires from 2021 to 2024—the biggest gain in the nation. The firm’s 2025 report shows that the ultra-rich population grew by 112 percent in West Palm Beach and more than 94 percent in Miami.

While the San Francisco Bay Area is still home to most of the nation’s wealthiest people—growing by 98 percent over the past four years—Miami is gaining ground. In 2024, Miami housed 38,800 millionaires, 180 centi-millionaires (with wealth above $100 million), and 17 billionaires—second only to the Bay Area in Northern California.

“Miami is an increasingly popular destination for America’s super-rich, with the lack of state taxes in Florida serving as a major drawcard,” the report indicated.

Tech firms, fund management companies, and the media and entertainment sectors are the leading categories for business relocations.

Key Relocation Factors

Global business travel firm 3Sixty noted that three major factors typically contribute to a company’s decision to relocate: reduced taxes and operating costs; new business opportunities; and remote work availability.

“Well-established companies and brands that have been settled in the most popular, business-savvy, and high-flying locations, like Silicon Valley, for years (some decades), are packing up their offices and moving elsewhere,” the company website states.

Apart from lower taxes, Evangelou pointed out that more favorable business environments and attractive housing markets are also important reasons for these moves.

“Florida, in particular, benefits from no state income tax and a strong appeal for both primary and secondary residences, which continues to draw affluent households from the Northeast and California,” she said.

The latest data from the Florida Chamber of Commerce shows the state welcomed more than 500 new businesses in 2024. Florida’s business relocations outpaced other U.S. states, with more than four times the number of relocations as Texas. The report also indicates that states such as New York and California suffered net losses in business relocations.

Daniel Ickowicz, CEO of Aventura, Florida-based Elite International Realty, told The Epoch Times that because the state has no state income tax, both individuals and businesses can benefit there.

“For many of these individuals, the move is as much about improving their daily life as it is about optimizing their financial situation,” he said.

“South Florida has become an attractive destination for many high-net-worth individuals because it offers international connectivity, strong private schools, a favorable business environment, and a lifestyle that combines urban living with waterfront scenery.”

Ickowicz noted that Florida, along with other states such as Texas, is working to attract entrepreneurs, investors, and other businesses to set up and grow in the state.

“This includes everything from lower taxes, fewer regulatory barriers, to strong infrastructure influence,” he said.

In addition, he noted, many cities are investing heavily in lifestyle amenities such as luxury real estate, cultural assets, recreational facilities, and, in Florida, waterfront activities.

“All of these factors contribute to making a region more globally competitive,” Ickowicz said.

According to 3Sixty, Florida continues to attract large businesses from across the nation, including Citadel, Goldman Sachs, Nucleus Research, and Blackstone. 3Sixty’s report indicates that Florida has added more tech companies than any other state since 2021. In addition to a favorable climate, the state offers a “smart” tax structure, streamlined business regulations, and a robust education system.

Citadel hedge fund founder Ken Griffin moved from Chicago to Miami in 2022. Last month, Griffin and Related Ross CEO Stephen Ross donated $10 million to the Florida Council of 100’s “Ambition Accelerated” national campaign, highlighting the Sunshine State’s Gold Coast—which includes West Palm Beach, Fort Lauderdale, Miami—as one of the best places in the country to build and grow a business.

Created in 1961, the Florida Council of 100 is a private, nonprofit, nonpartisan organization of business leaders focused on improving the state’s quality of life and economic health.

The campaign targets CEOs, founders, and investors, promoting the business advantages of South Florida.

According to the Council’s data, Florida recorded the highest GDP growth among major U.S. metropolitan areas over the past three years and ranked first in new business formations per capita. The state also ranks second for the fewest business regulations per capita.

Billionaire Tax Debate

In a May 2025 brief for the National Taxpayers Union Foundation (NTUF), Andrew Wilford, director of the Interstate Commerce Initiative, noted that Florida gained $196 billion in net adjusted gross income from 2011 through 2021, while New York lost $111 billion and California, $102 billion. Texas was second to Florida with a $54 billion gain.

Wilford said that while the wealthy can be a huge boon to tax coffers, they are often sensitive to the competitiveness of states’ tax codes.

“Legislators in high-tax states also plainly understand that high enough taxes will cause their wealthy residents to flee for greener pastures,” he noted in a June 2025 report.

In the Golden State, many CEOs and founders of major tech firms are confronted with the proposed Billionaire Tax Act, which would impose a one-time 5 percent personal wealth tax on residents with a net worth of more than $1 billion. Payments can be spread over five years, and the revenue generated from that tax would be used for health care, food assistance, and educational programs.

The act requires 874,641 signatures to qualify for the November midterm election ballot, with a June 24 deadline.

In social media posts, LinkedIn co-founder Reid Hoffman called the tax plan “badly designed in so many ways” and “a horrendous idea,” while venture capitalist David Sacks responded by announcing that his company, Craft Ventures, had opened an office in Texas.

According to a white paper released in December 2025 by professors at UC Berkeley, UC Davis, and the University of Missouri, California held 28 percent of all U.S. billionaire wealth, or $2.2 trillion, as of October.

The consensus is that billionaires pay a lower tax rate than the average American.

“The proposed tax would generate $100 billion in additional revenue for the State of California for the years 2027 to 2031,” the paper says.

It also contends that the tax will not negatively affect businesses, as it does for individuals.

A March 3 abstract by the Social Science Research Network argues that if enacted, the tax act would collect only $40 billion—less than half of the $100 billion projected. It also surmises that the act would have a negative impact in the long run.

“The present value of permanently lost income tax collections from departures more than fully offsets the one-time wealth tax revenue, yielding a net present value of negative $24.7 billion,” the paper states.

California Gov. Gavin Newsom has also opposed the legislation, stating that the policy would discourage entrepreneurs and reduce long-term income tax revenue.

In New York City, Mayor Zohran Mamdani recently announced plans to raise taxes on the wealthiest residents and corporations.

“If we do not go down the first path, the City will be forced to go down a second, more harmful path of property taxes and raiding our reserves—weakening our long-term fiscal footing and placing the onus for resolving this crisis on the backs of working and middle-class New Yorkers,” he said in a mid-February statement.

New York Governor Kathy Hochul, meanwhile, stressed the importance of retaining high-net-worth residents to “support social programs,” and noted competition from lower-tax states.

In a recent event held by Politico, Kathy Hochul highlighted the need to be thoughtful about corporate and individual tax policy while continuing to fund state priorities.

“What I want to make sure we are smart about is having a system in place where it’s not just taxing for the sake of taxing,” she said.

“States with no state income tax or lower capital-gains exposure can offer long-term financial planning when someone sells a company or manages large investment portfolios,” Seann Malloy, founder and managing partner at Malloy Law Offices LLC, told The Epoch Times.

“Regions welcoming more high-net-worth residents experience increased real estate demand, greater business formation, and local investment.”

Malloy added that states and cities that modify their policies typically are able to put themselves in a better position to retain individuals, businesses, and long-term investments.

Ben Harris, a real estate adviser at Sotheby’s International Realty in Las Vegas, told The Epoch Times that his California clients are increasingly evaluating relocation options.

“Many of these ultra-wealthy individuals are assessing how such a tax could impact their long-term finances,” he said.

Harris added that many buyers are also looking for more space, privacy, security, and access to outdoor recreation.

Ripple Effect on Local Economy

For more than 50 years, The Boyd Company Inc., based in Boca Raton, Florida, has helped thousands of Fortune 1000 corporations relocate their businesses. Its site selection services include preparing a shortlist of locations and working with local commercial real estate firms and municipalities to secure optimal incentives for relocation.

Some of its clients include UPS, Boeing, JPMorgan Chase, Chevron, Pratt & Whitney, PepsiCo, Visa International, Shell, Honda Motor Company, and Hewlett-Packard.

Company principal John Boyd told The Epoch Times that these relocations always have a ripple effect on the local economy.

“Not only does the relocation create more jobs and tax revenue, but it’s also a catalyst for new housing developments, hotels, restaurants, and retail operations,” he said.

Boyd noted that even when a community is shortlisted, it tends to gain attention from other businesses.

“It also raises the acumen of local regional economic development and puts that area on the map,” he added.

Many of The Boyd Company’s recent corporate relocations have been to Florida, Texas, Georgia, and the Carolinas. Nevada is also seeing an influx of tech migration from California.

According to Boyd, site selection has changed over the years, with many companies today approaching them with a handful of regions they have already pre-selected. Boyd’s job is to investigate all locations, helping the firm choose the one that will best suit its needs.

Ickowicz, whose firm offers multimillion-dollar listings across South Florida, agrees that migrating high-net-worth individuals and businesses can have a significant positive impact on local economies.

“In South Florida, we’ve seen this migration translate into a strong demand for luxury real estate, expansion of businesses, and growth of service sectors that support these residents,” he said.

“This creates more jobs, benefits the local economy, increases property value, and expands the overall tax base.”

Harris also noted that relocations can have a broader impact on the local economy over time, including increased consumer spending and charitable donations to local non-profits.

“All of this helps to support the longer-term economic growth in the markets where these individuals choose to establish residency,” he said.

On the other hand, a large exodus of businesses or ultra-wealthy individuals from a state or city can result in a massive loss of taxable income.

“As a result, California and New York are now looking at new ways to tap income from billionaires,” Boyd said.

While agreeing that New York City has always been the world’s financial capital, Boyd suggested that nothing is ever too big to fail.

“New York has survived difficult times in the past, but a lot of our clients believe it’s just too risky to consider relocating there,” he added.

“They won’t even consider it for relocation or expansion.”