Florida Is Closing In on New York for Billionaires, and a Palm Beach Broker Says the Migration Will Continue
Fox Business cites Forbes figures: California 255, New York 153, Florida 138, up from 91 in 2022. A luxury agent credits taxes and lifestyle. She also blames New York's leadership, which is her opinion.
Where the very rich choose to live is shifting toward low-tax states, and a Palm Beach broker says it is not slowing down, Fox Business reports.
The numbers. Fox cites Forbes: California leads with 255 billionaires, New York has 153, and Florida is third with 138, up from 91 in 2022.
The view from Palm Beach. Margit Brandt, a luxury agent whose brokerage handles about 30% of Palm Beach Island listings, told Fox News Digital she has "seen more movement than ever before of billionaires coming to Florida, and we anticipate that will continue." She said "the biggest thing is taxes, but it's also a lifestyle," pointing to schools, restaurants, nightlife and a new Cleveland Clinic that has upgraded medical care.
New York's side. Fox cites a Citizens Budget Commission analysis that New York City lost about 114,000 more domestic residents than it gained in 2025, after two years of marginal growth. Gov. Kathy Hochul has urged high earners to stay or return and warned that losing wealthy taxpayers could threaten funding for social programs. She has said New York is "in competition with other states who have less of a tax burden."
The opinion. Brandt, who grew up in New York, said the city was "amazing" in the 1990s under Rudy Giuliani. Of former Mayor Bill de Blasio and current Mayor Zohran Mamdani she said, "it's a total disaster," and that the city "is being run extremely poorly right now." Those are her views.
The response. Spokespeople for Hochul, Mamdani and Florida Gov. Ron DeSantis did not immediately answer Fox's requests for comment.
Note for readers: Brandt sells luxury homes, so she has a business interest in the trend. The billionaire counts are Forbes figures as relayed by Fox.