A new report by Fortune magazine reveals that several billionaires are “bolting” from the West Coast to the Sunshine State — and highlights why this may be happening.

According to the report, Florida is attracting billionaires from California, Washington and Illinois with its warm climate and lack of state income and capital-gains taxes. The migration comes as states including California and Washington consider new taxes on high-net-worth residents.

NEW WEALTH TAXES

More specifically, California is considering a Billionaire Tax Act, which aims to charge billionaires who live in California with a one-time tax.

Fortune estimates the departures of Larry Page, Sergey Brin, Travis Kalanick and Peter Thiel could put roughly $29 billion in potential California tax revenue at risk. California’s proposed billionaire tax would impose a one-time levy of 5% on the net worth of those living in the state as of Jan. 1, 2026.

Meanwhile, Washington state recently approved its own income tax, which Fortune reports would charge 9.9% on earnings of over $1 million.

Per the outlet, it’s expected to bring in between $3 billion and $4 billion per year from wealthy Washington residents while getting rid of sales taxes on items like diapers.

WHY ARE THEY COMING TO FLORIDA?

These billionaires may be drawn to Florida thanks to its lack of a state income or capital-gains tax, along with factors like its warm weather and business-friendly policies.

A couple of areas in particular are drawing the most attention: Miami-Dade and Palm Beach counties.

Near Miami Beach, Jeff Bezos previously bought three multimillion-dollar properties on Indian Creek Island, a man-made refuge for extremely wealthy individuals located in Biscayne Bay. Mark Zuckerberg also reportedly secured a waterfront mansion on the west side of the island.

WHO’S COMING?

According to Fortune, among the billionaires and other wealthy figures buying property or moving business operations to Florida are:

• Jeff Bezos: The world’s third-richest man, Amazon founder Jeff Bezos announced he would leave Seattle in 2023 to head to Florida. Nowadays, he owns several properties on Indian Creek Island, including a multimillion-dollar “Billionaire Bunker,” which has been in the works since he first snatched it up in 2024, according to Realtor.com.
• Mark Zuckerberg: The Meta cofounder and his wife reportedly also purchased a $170 million waterfront mansion on Indian Creek Island, just a few houses down from Bezos’ under-construction compound, according to The Wall Street Journal.
• Larry Ellison: Oracle cofounder Ellison made a 16-acre oceanfront property in Manalapan (Palm Beach County) his primary residence earlier this year. He reportedly purchased the property back in 2022, which is located less than 10 miles from President Donald Trump’s Mar-a-Lago estate.
• Larry Page: Former Google CEO Larry Page bought more than $180 million in property in Coconut Grove, an upscale Miami neighborhood. Per Fortune, he bought properties in December 2025 and January earlier this year.
• Sergey Brin: Earlier this year, Google cofounder Sergey Brin purchased a $51 million waterfront home on Allison Island, near Miami Beach.
• Ken Griffin: Citadel founder Ken Griffin moved the company’s headquarters to Miami in 2022 and has invested heavily in Florida real estate. Over the past 10 years, he’s poured roughly $450 million into a waterfront compound in Palm Beach County, which is set to be the most expensive home on Earth once finished, according to the New York Post.
• Howard Schultz: Former Starbucks CEO Howard Schultz reportedly purchased a penthouse in Surfside last month after leaving the Seattle area. Schultz announced he was moving to Florida earlier this year in a LinkedIn post.
• Peter Thiel: PayPal and Palantir cofounder Peter Thiel bought a compound on Miami’s Venetian Islands in 2020. Late last year, though, his investment firm Thiel Capital opened an office in Miami, and Palantir also announced it was moving its HQ to Miami in February.