Trump's backyard is quietly transforming into 'Silicon Valley South' as wealthy Americans flock in

A wealthy Southern enclave once known as a playground for retirees and snowbirds is transforming into a growing technology and financial hub, drawing comparisons to Silicon Valley as businesses, Wall Street executives and entrepreneurs move in.

Palm Beach County, Florida, is attracting new attention as wealthy Americans seek alternatives to high-tax states like New York and California.

"Palm Beach has changed from a place where people come to retire to a place that people come to build," luxury real estate expert Margit Brandt told Fox News Digital.

"There's been countless CEOs and major heads of companies that have moved their businesses to Palm Beach," she said, pointing to Florida's favorable tax climate and lifestyle as major draws.

THE RED STATES RACING AHEAD IN AMERICA’S POWERFUL WEALTH BOOM — AND THE STATES FALLING BEHIND The region is also home to President Donald Trump's Mar-a-Lago estate, often dubbed the "Southern White House," placing the emerging business hub in the backyard of one of the country's most recognizable political landmarks.

The shift comes amid changing migration patterns across the country, with Internal Revenue Service data for 2022–2023 showing taxpayer losses across numerous California and Northeastern counties , while much of the Southeast recorded gains.

Brandt believes Palm Beach County could become a major technology hub, citing its room for expansion as an advantage over more densely developed destinations.

"We have tons of room to grow," she said, pointing to areas like Wellington and western Palm Beach County where new schools, hospitals and infrastructure could accommodate additional businesses and families.

The region is also attracting technology investment alongside its established financial services industry.

In September 2025, California-based software company ServiceNow announced plans to establish a regional innovation hub and artificial intelligence institute in West Palm Beach.

AMERICANS KEEP MOVING TO TEXAS AND FLORIDA — BUT ONE OTHER RED STATE IS GROWING EVEN FASTER The expansion is projected to generate $1.8 billion in economic impact and create more than 850 jobs over five years, according to the company.

ServiceNow also committed to occupying up to 200,000 square feet of office space at 10 CityPlace, a development by billionaire real estate investor Stephen Ross's Related Ross.

"The tech has particularly been exciting for Palm Beach County," Brandt said.

Meanwhile, Palm Beach County's population reached an estimated 1.58 million residents in July 2025, an increase of 5.6% since April 2020, according to the U.S.