Inside The Exodus Of California Tech Billionaires To Florida

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MIAMI and PALM BEACH, Fla. — Last December, a ample coterie of Silicon Valley billionaires descended upon Miami to be Art Basel, nan ritzy, modern creation adjacent that marks nan extremity of nan moneyed set’s yearly societal calendar.

Much of nan buzz surrounded nan spectacle of Google co-founder Sergey Brin, among nan world’s richest men, docking his 466-foot, $450-million yacht, nan Dragonfly, successful Biscayne Bay while he stepped ashore to position nan creation installations.

But nan chatter pivoted quickly among a contingent of a twelve California billionaires.

Weeks earlier a caller ballot measurement — backed by nan SEIU-United Healthcare Workers West — was floated that would enforce a one-time, 5% taxation on nan wealthiness of nan state’s billionaires to statement up nan Trump administration’s national healthcare backing cuts.

“One said, ‘Listen I don’t cognize what’s going to happen, it whitethorn aliases whitethorn not get passed,’” said Julian Johnston, a agent pinch nan Corcoran Group successful Miami, recalling a speech pinch a California tech leader who said he was fresh to move quickly if nan measurement passed. “‘I’ll walk $100 cardinal to $300 million,’” he said.

All on Florida’s Gold Coast from Palm Beach to Miami, luxury existent property brokers began fielding a torrent of urgent calls from tech chieftains and their associates wanting to spot houses that they could bargain earlier nan extremity of twelvemonth to found domiciles successful an effort to sphere their wealth.

Florida autochthonal and luxury broker, Brett Harris, stands connected nan seawall

Florida, pinch its precocious attraction of wealthiness — it has astir 115 billionaires, ranking 3rd down California and New York — nary authorities income tax, pro-business policies and balmy weather, has drawn an unusually ample number of nan disaffected California tech moguls.

In December, Google’s different co-founder, Larry Page, snapped up a brace of waterfront Miami estates in nan exclusive Coconut Grove vicinity connected Biscayne Bay for $173.4 million. Two months later, Brin reportedly bought an oceanfront compound for $50 cardinal successful Miami’s gated Allison Island.

Even earlier nan wealthiness taxation was first announced past October, respective salient California billionaires — among them PayPal and Palantir co-founder Peter Thiel, task capitalist Keith Rabois, Amazon’s Jeff Bezos and Oracle’s Larry Ellison — had begun buying monolithic properties retired of nan state.

Many others are threatening to do nan same.

215 NW 24th St successful Miami, Fla., Friday, March 6, 2026. Founders Fund

Slamming nan wealthiness measure connected X, Andy Fang, a co-founder of DoorDash wrote: “stupid wealthiness taxation proposals for illustration this make it irresponsible for maine not to scheme leaving nan state.”

Just past week, Meta president Mark Zuckerberg and his wife, Priscilla Chan, paid $170 cardinal for a two-acre estate connected Miami’s ultra-exclusive Indian Creek, besides known arsenic nan Billionaire Bunker, mounting a caller Miami-Dade County existent property record.

The exodus has not been constricted to individuals. Wells Fargo, announced it was relocating its wealthiness guidance section from San Francisco to West Palm Beach by year’s end, while Palantir, nan A.I. and package analytics giant, past period disclosed its move to Miami — six years aft nan institution transferred its office from Palo Alto to Denver.

This bonzer wealthiness migration is reshaping southbound Florida: spurring development, tripling existent property prices for trophy properties (even arsenic single-family location prices successful nan authorities person stagnated here) and amplifying request for nannies, backstage chefs, exclusive play nine memberships and backstage schools.

Back successful California, this monolithic transportation of Silicon Valley wealthiness is raising questions astir nan imaginable effect present connected entrepreneurial innovation, nan system and its expertise to pull and support talent.

Gov. Gavin Newsom has called nan projected billionaire taxation “really damaging to nan state,” saying it will “drive distant able residents,” and has promised to activity to conclusion it.

The ballot measurement comes amid contentious statement astir a increasing income disagreement and simmering criticisms that California is stifled by precocious taxes, regulatory burdens, skyrocketing costs and homelessness.

aerial photograph of a ample location connected nan water

The Legislative Analyst’s Office said successful a December letter that nan authorities would astir apt cod tens of billions of dollars from nan wealthiness tax, but it could besides suffer different taxation revenue. The conservative-leaning Hoover Institution has estimated nan wealthiness taxation could costs nan authorities $25 cardinal successful mislaid income taxation revenue.

The measure still requires astir 875,000 signatures to suffice for nan November ballot.

Supporters person said nan measurement would raise astir $100 cardinal successful overmuch needed-funding for healthcare and different societal needs successful nan state.

But immoderate powerful forces are aligned against it, chiefly galore of nan billionaires that it has targeted.

“They’re trying to termination and eat nan aureate goose of exertion startups successful California,” wrote Garry Tan, nan CEO of nan start-up incubator Y Combinator, connected X.

A haven for nan wealthy

Ever since 19th period railroad and Standard Oil magnate Henry Flagler developed Palm Beach arsenic a wintertime flight for nan affluent, Florida has been a haven for nan wealthy.

But nan Sunshine State’s estimation arsenic a seasonal playground shifted dramatically aft 2020, erstwhile a number of individuals and families, mostly from nan Northeast and Midwest, migrated present during nan pandemic.

The activity of caller residents was followed by a slate of financial firms that group up shop, largely successful Palm Beach, specified arsenic BlackRock and RedBird Capital Partners, creating what is now referred to arsenic “Wall Street South.”

“Miami is simply a vibrant, increasing metropolis that embodies nan American Dream…,” Ken Griffin, nan laminitis and CEO of Citadel, told staffers aft he moved his hedge money from Chicago to Miami successful 2022.

Brett Harris, a founding portfolio head of Bespoke Real Estate successful Miami is opinionated connected nan oversea wall overlooking Biscayne Bay. Confident pinch a quiet luxury vibe, he looks for illustration he was plucked consecutive retired of Bravo’s “Million Dollar Listing” series.

Meta's Mark Zuckerberg and his wife, Priscilla Chan

Behind him bulldozers are cutting crossed nan 2.3 acre spot connected 5940 N. Bay Road, building a $300-million mansion. Next door, tech executive Barry Diller and Diane von Furstenberg are building their waterfront estate.

Known arsenic “Billionaire’s Row,” this astir sought-after four-mile agelong is 1 of Miami’s priciest areas, wherever residents see David and Victoria Beckham.

“The California guys, each billionaires, are moving distant from nan wealthiness tax,” said Harris, who represented Zuckerberg successful nan Indian Creek deal. “I person 3 things nether statement northbound of $600 million.”

His clients each want prestige properties, privateness and high-end amenities specified arsenic padel courts, wellness spas pinch acold plunge pools and saunas, chefs kitchens, in-home theaters, play simulators, multi-car garages, and walk-in closets that lucifer mini unit stores.

Chase Berger, a partner pinch nan rule patient Ghidotti Berger, who handles precocious extremity existent property transactions crossed Florida, said he’s seen an uptick successful what he calls “stealth ownership,” creating Florida onshore trusts for able clients who for illustration to disguise their relation pinch a purchase.

“I utilized to do a fistful of these a year,” he said but amid nan caller migration, “now it’s dozens” adding, “It’s a residency warfare pinch California that they’re fighting.”

Due to constricted readiness of premier properties, California buyers typically connection 30% to 40% supra marketplace complaint and salary successful cash.

Sunrise astatine nan McMackin's formation connected Billionaire Row successful Manalapan

Danny Hertzberg, a founding partner astatine nan Jills Zeder Group Realty, who represented nan sellers successful nan Larry Page and Zuckerberg sales, said that he and his squad person had to get imaginative to induce owners to portion pinch their properties. For instance, they’re putting clauses into contracts that are contingent connected nan seller uncovering a caller location wrong 60 days.

”It’s not ideal,” he said. “It’s a measurement to effort to person personification to sell, that wouldn’t waste otherwise.”

When nan California billionaires can’t find what they want, they are typically dropping $50 cardinal to $75 cardinal connected a “starter home” to found residency.

Those incapable to find a starter location person had to look beyond Miami and Palm Beach, transforming different coastal enclaves.

The ‘Ellison effect’

Perhaps obscurity is that much successful play than successful Manalapan, a 2.4-square-mile, obstruction land 10 miles southbound of Palm Beach, straddling nan Atlantic connected 1 broadside and nan Intracoastal Waterway connected nan other.

Oracle executive president and main exertion serviceman Larry Ellison delivers a keynote address

Tiny, able Manalapan is location to conscionable 410 residents and its ain constabulary force. Residents unrecorded successful ultra-exclusive estates. Many person backstage tunnels from their homes nether South Ocean Boulevard that springiness them exclusive formation access.

One of its astir distinguished residents is Larry Ellison, who successful 2022 purchased “Gemini,” a 15-acre ocean-to-intracoastal compound on S. Ocean Blvd. from Netscape co-founder Jim Clark for $173 million, making it nan largest residential waste successful Florida history. The property includes a 62,000-square-foot main location and a information of Bird Island connected nan Intracoastal Waterway.

Two years later Ellison — who is backing Paramount’s acquisition of Warner Bros. Discovery — spent $277.39 cardinal to bargain nan celebrated five-star Eau Palm Beach Resort & Spa connected nan island, location to nan exclusive La Coquille Club , wherever Manalapan residents bask free memberships. (Last November, he added to his Florida portfolio, purchasing nan 600-acre Lion Country Safari in Loxahatchee for $30 million.)

Jeff Bezos location (R) astatine 28 Indian Creek Island Rd

The “Ellison effect,” arsenic it has travel to beryllium known, has magnified Manalapan’s floor plan considerably, while helping to push location prices into nan stratosphere.

In nan autumn of 2024, Fox News big Sean Hannity bought a 13,000-square-foot oceanfront Manalapan mansion connected little than 2 acres for $23.5 million. In February, he listed nan spot for astir $45 million.

“Manalapan is nan jewel of Florida,” said its mayor, John Deese, who extolled its charms and debased profile. “Larry Ellison brought a batch much notoriety.”

Developer Stewart Satter, an entrepreneur and businessman, came present successful 2005. He bought 4 vacant tons for $20 cardinal and built spec homes connected 3 and 1 for himself. “If I had known what was going to spell connected pinch nan values, I would person bought nan full town,” he said.

He’s presently building a 50,000-square-foot property connected nan batch adjacent to Ellison’s mansion pinch a $285-million value tag. Excited by nan imaginable of astatine nan influx of able Californians, he says, “It’s going to beryllium for illustration Indian Creek, this small haven of billionaires.”

Building a rival to Silicon Valley

The dream of turning southbound Florida into a awesome tech hub took guidelines respective years ago.

Stephen M. Ross, nan billionaire existent property developer down Hudson Yards successful New York and a mostly proprietor of nan Miami Dolphins, successful 2023 asked Compass existent property agent Michael Costello what spot he had disposable successful West Palm Beach.

“I said, ‘What do you want?’ And he said, ‘Everything,’” recalled Costello.

In 2021, Ross, nan CEO and president of Related Ross, had relocated from New York to his 11,000-square-foot Palm Beach oceanfront mansion, known arsenic nan Reef.

Stephen M. Ross is investing immoderate $10 cardinal to toggle shape West Palm Beach

“Florida was specified a awesome business state, but it ne'er really did business,” said Ross, 85. “It attracted backmost offices, location was tourism and agriculture, but not awesome corporations.”

“I thought to myself, what doesn’t it person that would let nan growth, and focused connected doing each those things.”

Since past Ross has been investing $10 cardinal to toggle shape West Palm Beach into nan an ecosystem of business, education, exertion and talent to compete pinch Silicon Valley.

He’s built Class A agency abstraction and hotels and he was instrumental successful nan efforts to bring Wells Fargo’s wealthiness guidance section here.

Ross has been actively progressive successful delivering caller backstage schools to nan area, arsenic good arsenic resources to nationalist facilities. He committed $50 cardinal to found Vanderbilt University’s caller postgraduate field that will attraction connected finance, technology, engineering and AI. It is group to unfastened successful West Palm Beach successful 2029.

To alleviate increasing congestion, Ross has moreover joined forces pinch San José-based Archer Aviation to build a web of launchpads and charging stations to powerfulness a fleet of aerial taxis.

aerial position of boats anchored successful harbor

Ross and chap billionaire transplant Ken Griffin precocious unveiled “Ambitious Accelerated,” a run to incentivize much businesses to move to what they’ve dubbed Florida’s “Tech Gold Coast.” Ross and Griffin person donated $5 cardinal each to nan campaign.

The efforts person paid off.

Last September, ServiceNow, a Santa Clara-based endeavor package institution announced it was opening a location hub successful West Palm Beach, while D-Wave Quantum Inc. announced it was relocating its Palo Alto office to Boca Raton.

“Florida is nan caller California,” said Maria Sachs, a Palm Beach County Commissioner and a erstwhile authorities legislator who who grew up successful La Puente. “It reminds maine of nan California of nan ‘50s and ‘60s, wherever group flocked for jobs and to raise families and location was awesome weather.”

Others opportunity nan California dream is acold from complete and statement that nan authorities presently ranks among nan world’s largest economies.

“There has been a nett activity of populations wrong aliases extracurricular of California that has fluctuated complete nan past 20-30 years,” tied to economical cycles, said Thad Kousser, a professor of governmental subject and nan co-director of nan Yankelovich Center for Social Science Research astatine UC San Diego.

“California remains nan superior for finance and precocious tech occupation growth. If you look astatine task capital, California often gets arsenic overmuch arsenic nan remainder of nan federation combined. At nan aforesaid time, California is simply a constellation of a highly knowledgeable workforce, world starring universities and galore companies and earthy resources that pull galore group who tin spend to unrecorded here.”

Many of those billionaires that person deed nan exits person not wholly severed ties pinch nan spot wherever they made their fortunes.

Several tech leaders person funded a caller group called Building a Better California, aimed astatine tackling lodging affordability and introducing different ballot measures that could thief undercut nan wealthiness tax. Brin has contributed $20 cardinal to nan effort.

Thiel, who relocated his backstage finance patient Thiel Capital and his Founders Fund to Miami, donated $3 million to nan California Business Roundtable’s governmental action committee that opposes nan billionaire tax.

To beryllium sure, galore of California’s tech titans are staying.

“We chose to unrecorded successful Silicon Valley, and immoderate taxes I conjecture they would for illustration to apply, truthful beryllium it,” Nvidia CEO Jensen Huang told Bloomberg. “I’m perfectly good pinch it.”

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