For decades, Florida has been synonymous with retirement – a haven for snowbirds and retirees seeking refuge from harsh winters. Today, however, the state has evolved far beyond its traditional role, emerging as a premier hub for wealth migration in the United States. High-net-worth individuals and affluent young professionals from across the country and around the world are increasingly calling Florida home, drawn by its financial advantages, lifestyle offerings, and thriving luxury real estate market.
Recent data underscores this transformation. During the COVID-19 era, Florida recorded a net gain of 1,786 young households earning $200,000 or more annually in 2022, making it the top destination for affluent Americans aged 26 to 35, according to a SmartAsset study. Over the broader COVID period, the state experienced an estimated net income gain of over $75 billion.
This migration trend has only accelerated in recent years. The latest Henley & Partners 2024 USA Wealth Report confirms that Florida, along with Texas, is attracting a growing share of high-net-worth individuals while strengthening its luxury property markets. Interestingly, despite Texas being a top wealth migration destination itself, it also ranks among the top five states sending residents to Florida…