Fact: Florida Is A Global Wealth Hub

For many years, the US has had a reputation for being the world’s largest wealth market by a considerable margin. According to Henley and Partners’ just released 2023 USA Wealth Report, the country accounts for 32% of global wealth and is home to 36% of the world’s millionaires, with an estimated 5.3 million of them and around 770 billionaires.

Recent times however, have seen a significant wealth exodus from the country’s north-east to the Sunshine State of Florida. Many affluent individuals are turning their second homes into primary residences due to lifestyle and taxation advantages.

This trend is undoubtedly on the up and expected to continue through 2023-24, with more individuals relocating for work reasons - not only for retirement. As well as individuals seeking homes, companies are looking for offices to take advantage of the superior tax and security structure and the lifestyle that Florida living offers, with big name technology, finance, and law firms moving and expanding their reach in South Florida, cue the likes of Goldman Sachs, Steve Cohen’s Point 72 Asset Management and Apollo Global Management expanding their networks.

Beachfront locations feature prominently in the top holiday home hot spots list for US centi-millionaires (individuals worth USD 100 million or more). Latest statistics from the 2023 USA Wealth Report, confirm Miami as the hottest spot in the US, with 160 centi-millionaires making it their permanent residence. Miami it seems, is once again, firing on all investment cylinders. One of the fastest-growing wealth hubs, it has experienced millionaire growth of 75% in the decade from 2012 to 2022.