Billionaires are fleeing to Miami, and ex-Starbucks CEO is the latest

Former Starbucks CEO Howard Schultz is the latest high-profile billionaire to trade the West Coast for South Florida amid a proposed wealth tax.

After 44 years in Seattle, Schultz announced his relocation to Miami the same day the Washington State House approved a 9.9% tax on household income exceeding $1 million.

Schultz joins a growing roster of tech titans, including Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg, who have recently scooped up record-breaking real estate in Miami’s exclusive Indian Creek Island.

Recently, Google cofounders Larry Page and Sergey Brin have also purchased Miami homes worth $180 million and $50 million, respectively.

The billionaire migration follows as more states are exploring fiscal crackdowns. In California, a looming ballot measure could retroactively impose a one-time 5% tax on billionaires. States like Massachusetts have already implemented similar millionaire taxes.

Analysts suggest the influx of billionaires will continue to drive Miami’s real estate upward, cementing the city’s status as the new preferred tax haven for the ultra-wealthy.