Some of America’s richest people are moving to places near roaring ocean waves, with wildfire risks and cities prone to being hit by violent hurricanes. According to AD, Luxury realtor Shelton Wilder remarked, “The weather and location continue to outweigh the risk of natural disasters.” Put more directly, although these homeowners know the risks they ignore them at their own peril
Deny Climate
The article points out that at least a quarter of Americans are climate deniers or are neutral on the subject. One would think the wealthiest Americans, who are among the most educated, would not fall into that category.
Despite the risk, the wealthy are willing to pay tens of millions of dollars to buy homes endangered by violent weather. One city that stands out is Malibu which is threatened by both the Pacific Ocean and wildfires. There are several homes there that have asking prices of over $25 million.
Very Rich
The same price puzzle holds true for Palm Beach which is directly on the Atlantic Ocean. There are a number of homes there for sales for over $20 million. Palm Beach County has been hit by three major hurricanes since 2004. Nearly every climate scientist believes that Atlantic hurricanes will be more common and more violent due to global warming.