Florida has reached 138 billionaire residents according to Forbes data cited by Fox News Digital, closing the gap with traditional wealth strongholds as wealthy Americans relocate. California leads the nation with 255 billionaires, while New York holds second place with 153. Florida’s total marks an increase from 91 billionaire residents in 2022.
Real Estate Agents Cite Taxes and Luxury Infrastructure
Margit Brandt, a real estate agent specializing in luxury properties on Palm Beach Island, told Fox News Digital that her firm holds approximately 30% of the listings in the area and handles numerous waterfront homes.
“I think the biggest thing is taxes, but it’s also a lifestyle,” Brandt said, noting that Palm Beach features upgraded infrastructure, nightlife, restaurants, and medical care providers such as the Cleveland Clinic.
New York Domestic Outmigration and Municipal Policy Debates
While Florida gains residents, New York City faces domestic population losses. A Citizens Budget Commission (CBC) analysis cited by Fox News Digital showed that New York City lost approximately 114,000 more domestic residents to other parts of the United States than it gained in 2025.
New York Kathy Hochul urged high-net-worth individuals to remain in the state, warning that losing wealthy taxpayers could threaten funding for social programs. Hochul acknowledged that New York competes with states carrying lower tax burdens, citing Wall Street businesses looking at Texas.
Brandt, who grew up in New York, contrasted the city’s current conditions under Mayor Zohran Mamdani and former Mayor Bill de Blasio with her memories of the 1990s under former Mayor Rudy Giuliani. Spokespersons for Hochul, Mamdani, and Florida Ron DeSantis did not immediately respond to requests for comment from Fox News Digital.
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