There is no single verified reason behind the reported moves of billionaires to Florida. Howard Schultz has described his own move as part of retirement, citing South Florida’s sunshine and the appeal of living nearer to his children’s families on the East Coast. Tax policy, business activity and lifestyle are broader possible draws—but they are not established personal motives for every person named in the reports.
What Howard Schultz says about moving to Florida
Forbes reported on March 11, 2026, that Starbucks’ former CEO Howard Schultz announced he was moving from Seattle to Florida after 47 years in the area. Forbes says Schultz described the move as part of his retirement plan. He also pointed to South Florida’s weather and family ties, writing that he and his wife were “enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.” Forbes attributed that wording to Schultz’s LinkedIn post. Forbes’ report says Schultz and his wife bought a penthouse in Surfside for a reported $44 million, citing the Wall Street Journal for the purchase price.
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What is reported about Larry Page and other moves
Forbes also reported that Larry Page bought two estates in Coconut Grove for a reported $173.4 million. These are reported property purchases, not proof that either buyer has changed legal domicile or tax residence. Forbes’ article lists other reported moves and purchases, but the reporting does not establish one shared explanation for everyone involved.
Why Florida may appeal to wealthy residents
State tax policy
Florida has no state individual income tax, a feature Forbes identifies as a possible attraction for people with high incomes. But a state’s tax structure alone does not show that it motivated a particular person’s move, nor does it establish that person’s tax savings. Those outcomes depend on individual finances and whether residency requirements are met.
Forbes also links some departures from California to a proposed one-time wealth tax. It describes the proposal as applying a 5% tax to people with net worth of $1 billion or more. That figure and the proposal’s status are Forbes’ account; the reporting does not establish that the proposal caused any specific person to move.
Business and industry
Forbes points to Florida’s business environment and Miami’s growing technology, venture-capital and financial activity as broader reasons the state may attract wealthy residents and companies. Those conditions can matter to business owners and investors, but the article does not document them as the personal reasons behind each reported relocation.
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Lifestyle, privacy and amenities
Sunshine, exclusive neighborhoods, privacy and local amenities are also cited as general attractions. Schultz’s comments provide a specific personal example involving weather and family; the broader lifestyle factors should not be treated as confirmed motives for Page or other individuals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the reports do—and do not—establish
- Personally attributed: Schultz’s retirement, the sunshine and proximity to his children’s families, as reported by Forbes.
- Reported transactions: The Surfside and Coconut Grove property purchases and prices, as reported by Forbes; these do not independently establish legal domicile.
- Possible general draws: No state income tax, business conditions, Miami’s industry growth, privacy and amenities. They are broader explanations, not verified motives for each named person.
- Unsettled from this reporting: Individual tax exposure, completed domicile changes, deed details and the current status of California’s proposed wealth tax.
Forbes’ March 11, 2026 article is the basis for these reported announcements and broader explanations. The available reporting does not independently verify property records, changes in domicile or the financial consequences for the individuals involved.
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