A growing number of ultra-high-net-worth individuals are making swift exits from California, with South Florida—particularly Miami—emerging as a top destination. The catalyst behind this acceleration is a proposed wealth tax aimed at the state’s richest residents, prompting some billionaires to change residency in a matter of days.
A Fast and Strategic Move
Luxury real estate professionals working directly with this clientele report that several billionaire buyers recently flew into Miami and completed property purchases and closings within just seven days of deciding to leave California. The speed of these transactions highlights the urgency and clarity behind the decisions being made.
For these buyers, relocation is not a long-term plan—it is an immediate financial strategy.
The Wealth Tax Driving the Migration
At the center of this movement is a proposed measure in California that would impose a one-time tax on residents with net worth exceeding $1 billion. While the proposal has not yet been enacted, the potential financial exposure is substantial enough to trigger preemptive action.
In one cited case, a billionaire estimated that the proposed tax could result in a liability of approximately $5 billion, illustrating why many are choosing to act now rather than wait.
Why Miami Stands Out
Miami’s appeal goes far beyond its climate and lifestyle. For ultra-wealthy individuals reassessing residency, Florida offers:
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No state income tax
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A globally connected business and financial ecosystem
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Easy access to international markets
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A growing community of entrepreneurs, investors, and private capital
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An established inventory of trophy homes and ultra-luxury residences
These factors position Miami not just as a lifestyle destination, but as a strategic financial base.
Impact on the Luxury Real Estate Market
As more billionaires enter the South Florida market, demand for waterfront estates, gated properties, and custom luxury residences continues to rise. This influx is expected to further tighten inventory at the top end of the market and support pricing for best-in-class assets.
Buyer preferences are also evolving, with increased emphasis on privacy, scale, security, and long-term asset protection.
What This Signals Moving Forward
This trend underscores a broader shift in luxury real estate: public policy can rapidly influence where wealth chooses to live and invest. For Miami and surrounding luxury markets, the migration represents sustained momentum rather than a temporary surge.
