High-net-worth individuals, entrepreneurs, and families are leaving high-tax states in droves, redirecting billions of dollars and creating an economic boom in Florida. For our clients—successful individuals and families focused on preserving and growing their wealth—this shift represents more than just a trend. With no state income tax, a booming business climate, and unmatched lifestyle perks, Florida has become a magnet for prosperity, offering opportunities for strategic financial planning, asset protection, and estate management in a state designed for wealth preservation.
1. Money is Moving Into Florida at a Rate of $4.4M Every Hour
Florida is experiencing a historic wave of financial and population growth. The numbers speak for themselves, showcasing a state rapidly transforming into a global economic powerhouse. From billions in net income migration to a daily influx of new residents, Florida is reshaping its identity with unprecedented speed.
The real-time counter below illustrates this wealth inflow, tracking the dollars pouring into Florida since you arrived on this page.
There is a net annual income migration of $39.2 billion. This figure breaks down to a staggering $4.48 million every hour, showcasing the sheer volume of financial resources being redirected to the Sunshine State. High-tax states like New York, New Jersey, California, Illinois, and Pennsylvania are the largest contributors to this wealth shift. Over 50% of Florida’s net income migration originates from these five states, as individuals and businesses seek better financial opportunities. Source.
2) Population Growing At A Rate Of 1,000 New Residents Daily
Florida’s magnetic pull extends beyond wealth to people. The state is currently gaining 1,000 new residents every day, a pace that reflects its unparalleled appeal. By 2030, Florida’s population is projected to grow by 2.9 million people, further cementing its status as one of the fastest-growing states in the country. Source.
3) Over 45% of Florida’s New Residents Last Year Came From Other Countries
Florida added nearly 634,000 new residents in the past year, with more than 45%—around 285,000 people—coming from abroad. International migration has become a key driver of the state’s population growth, highlighting its appeal to newcomers from outside the U.S.
Texas, another leading state for population growth, saw similar trends. Of its 612,000 new residents, approximately 43%—over 260,000—came from other countries, reflecting a nationwide trend of international migration shaping regional demographics. Source.
4) Florida Attracted 20,000 High-Earning Households in 2024
Florida welcomed over 20,000 high-earning households in 2024, making it one of the top destinations for affluent movers in the U.S. The state’s lack of income tax, combined with its favorable climate and business environment, continues to draw wealthy individuals. Source.
5) 1,700 Young Millionaires Choose Florida Over Traditional Hubs
Over 1,700 young professionals earning $200,000 or more relocated to Florida in 2024, surpassing traditional economic centers like New York and California. The state’s business-friendly environment and favorable tax policies make it a preferred destination for the young and wealthy. Source.
6) 50% Increase in Millionaire Population in Miami
Miami has experienced a 50% increase in its millionaire population over the past decade. The city’s strategic location, favorable tax policies, and luxurious lifestyle options have transformed it into a premier hub for the wealthy. Source.
7) 40% of High-Income Movers Seek Lower Taxes in Florida
Florida’s financial edge begins with its no state income tax policy, a game-changer for individuals and businesses fleeing high-tax states. This isn’t just about savings—it’s about reinvestment. High-net-worth individuals keep more of their earnings, fueling growth and prosperity. Businesses, too, find relief, as Florida’s pro-business tax climate supports innovation and expansion without the heavy burden seen in states like New York or California.
Research from UC Riverside shows that 40% of high-income movers choose states like Florida due to its lack of state income tax. This trend illustrates the strong correlation between tax policies and migration patterns. Source.
PortMiami and Port Everglades Move Over 1,026 Pounds of Goods Every Second
Florida’s two largest trade hubs, PortMiami and Port Everglades, handle a staggering 1,026 pounds of goods per second, reinforcing the state’s role as a global trade leader. As Florida continues to attract wealth and talent, proper planning remains essential for those looking to secure their financial future. Understanding how to navigate estate laws, structure trusts, and optimize tax advantages ensures that high-net-worth individuals can fully leverage the benefits of their move. Our clients recognize that beyond the appeal of lower taxes and a thriving economy, Florida offers a unique opportunity to build, protect, and pass down wealth efficiently and strategically.
The real-time export counter above dynamically displays the weight and value of exports through these ports since you arrived on this page. Watch as the numbers climb, a testament to the relentless trade activity at these bustling hubs.
- PortMiami handles $45 billion in exports annually, moving 19.3 billion pounds of goods. Known as the “Cargo Gateway of the Americas,” it connects Florida to markets across the globe.
- Port Everglades, not far behind, contributes $13.35 billion annually, shipping 13.08 billion pounds of goods. Its strategic location and robust operations make it a vital link in international commerce.
PortMiami Data: https://www.miamidade.gov/portmiami/library/statistics.pdf
Port Everglades Data: https://www.porteverglades.net/about-us/statistics/
The Future of Wealth in Florida
Florida’s transformation into a financial and business powerhouse is undeniable. As billions of dollars flow into the state and new residents seek to establish roots, the need for thoughtful financial structures grows. From safeguarding generational wealth to navigating Florida’s unique tax advantages, high-net-worth individuals are finding that long-term security goes beyond relocation—it requires strategic planning. Understanding these shifts isn’t just about staying ahead; it’s about making the most of what Florida has to offer in this era of economic evolution.