WRE News: Miami’s Millionaire Boom: Tax Breaks & Lifestyle Draw the Ultra Wealthy Down South

Miami, FL – March 16, 2024 – Miami’s millionaire population has surged by 75% in a decade, transforming the city into a magnet for the ultra wealthy. This growth, highlighted in a 2023 wealth report by Henley & Partners, places Miami and West Palm Beach among the top four U.S. cities for millionaire population growth over the past decade. The attraction isn’t just the city’s vibrant lifestyle but also significant tax advantages. Florida’s lack of state income, capital gains, and estate taxes, compared to states like New York and Washington, makes it a financial haven for the wealthy, including high-profile transplants like Jeff Bezos seeking tax savings. Beyond the tax breaks, high-net-worth individuals are also drawn by the state’s warm climate, cultural offerings, and real estate opportunities.