Florida is gaining ground on New York in the race to attract the nation’s wealthiest residents, with the Sunshine State recording a sharp increase in its billionaire population, according to Forbes data.
California remains the leading state for billionaire residents, with 255, followed by New York with 153. Florida ranks third with 138 billionaires, up from 91 in 2022, according to Forbes’ list of the richest people in each state.
The growing number of wealthy residents has drawn attention to Florida’s appeal, particularly in luxury real estate markets such as Palm Beach, where high-end properties and waterfront homes continue to attract affluent buyers.
“We’ve seen more movement than ever before of billionaires coming to Florida, and we anticipate that will continue,” Margit Brandt, a luxury real estate agent who works in Palm Beach, told Fox News Digital.
Brandt said her brokerage handles approximately 30% of the listings on Palm Beach Island, including major waterfront properties.
Taxes and Lifestyle Draw Wealthy Buyers to Florida
Taxes are one factor influencing relocation decisions, Brandt said, but she also pointed to lifestyle, schools, healthcare and entertainment as reasons wealthy buyers are considering Palm Beach.
“I think the biggest thing is taxes, but it’s also a lifestyle. And I can speak on Palm Beach,” Brandt told Fox News Digital.
She described Palm Beach as a distinctive market within Florida, citing its restaurants, nightlife, schools and infrastructure as features that appeal to high-net-worth individuals.
Brandt also highlighted improvements in healthcare access as another factor attracting affluent residents. She pointed to the presence of Cleveland Clinic and the region’s expanding luxury hospitality offerings.
“When you mix that good medical care and good schools with the best nightlife and hospitality,” Brandt said, the area becomes an attractive destination for wealthy buyers.
These observations reflect Brandt’s experience in the luxury property market. Individual relocation decisions can vary, and the figures cited by Forbes measure billionaire residents rather than all wealthy people moving between states.
New York Faces Questions About Population Losses
Florida’s growing billionaire population comes as New York City continues to face concerns about domestic outmigration.
Fox News Digital previously reported on a Citizens Budget Commission analysis that found New York City lost roughly 114,000 more domestic residents to other parts of the United States than it gained in 2025, following two years of marginal growth.
The population shift has raised concerns about the city’s ability to retain residents and maintain its tax base.
New York Gov. Kathy Hochul has urged high-net-worth individuals to remain in or return to the state. In previous remarks, she warned that losing wealthy taxpayers could threaten funding for important social programs, according to Fox News Digital.
Hochul has also acknowledged that New York competes with states that have a lower tax burden. The potential movement of financial businesses to Texas has been among the concerns raised in discussions about the state’s economic competitiveness.
A Fox News report on Wall Street businesses considering Texas previously examined that competition.
Real Estate Agent Criticizes New York City’s Direction
Brandt, who grew up in New York, compared the city’s current condition with her memories of the 1990s, when Rudy Giuliani was mayor.
She praised the city’s cleanliness and quality of life during that period and expressed concerns about its more recent leadership.
Brandt also criticized former Mayor Bill de Blasio and current Mayor Zohran Mamdani, describing the city’s direction in strongly negative terms.
Her comments represent her personal assessment of New York City’s leadership and quality of life, rather than an independent evaluation of the city’s performance.
Florida’s Billionaire Population Continues to Attract Attention
Florida’s increase from 91 billionaire residents in 2022 to 138 in the Forbes figures cited in the report highlights the state’s growing presence among the country’s wealthiest populations.
The difference amounts to 47 additional billionaires, an increase of about 52% over that period. However, the figures alone do not establish how many people moved directly from New York to Florida or how much of the increase resulted from relocation rather than changes in wealth or other factors.
For Florida’s luxury real estate market, continued interest from wealthy buyers could support demand for high-end homes, particularly in established markets such as Palm Beach.
Representatives for Hochul, Mamdani and Florida Gov. Ron DeSantis did not immediately respond to Fox News Digital’s requests for comment.
The Forbes figures place Florida behind California and New York in billionaire population, but the state’s continued growth suggests it is becoming an increasingly prominent destination for the country’s wealthiest residents.
