Billionaires are flocking to these 3 Florida localities—here’s how much they save in taxes

As more states have begun to introduce wealth taxes, billionaires and other ultrawealthy individuals have been forced to make the hard choice between sucking it up and paying the bill or moving elsewhere.

Those who have chosen to dodge proposed wealth taxes in states including California and Washington have flocked to Florida.

Billionaire Californians face a one-time 5% tax on their net worth, so some, including Google cofounders Larry Page and Sergey Brin and venture capitalist Peter Thiel, left California for Miami.

Washingtonians who make at least $1 million will also face a flat 9.9% tax starting in 2028, and executives once based there, like Amazon founder Jeff Bezos and former Starbucks CEO Howard Schultz , have also left for Florida.

Florida has become a safe haven for the ultrawealthy because it has no state income tax, and it’s also solidified itself as an epicenter of luxury and lavishness.

Plus, they’re free from the burden of a wealth tax.

Three of the primary localities where the ultrawealthy are flocking include Miami, Palm Beach County, and Naples.

How much are billionaires saving by moving to Florida? Florida has no state income tax, no capital gains tax, and no wealth tax, but the math on how much billionaires or the ultrawealthy save by living there is a bit more complicated.

That’s because the ultrawealthy’s income typically comes from a stock sale or a dividend rather than a salary.

Take Larry Ellison, for example.

By making an estate in Palm Beach County his primary residence before selling Oracle stock, the billionaire saved an estimated $1 billion in taxes, according to Forbes .

Wealth taxes hit assets like stocks, real estate, and art rather than income, as MIT Sloan notes.

But the wealth tax is still what garners the most attention.

California’s Proposition 40 would slap a one-time 5% levy on the net worth of billionaires who lived in the state after Jan.