Florida City Sees Huge Spike in Millionaires

The number of millionaires living in West Palm Beach, Florida, has more than doubled over the past 10 years, according to a new report.

Henley & Partners’ World’s Wealthiest Cities Report 2025 said the coastal city saw a 112 percent increase in millionaires between 2014 and 2024.

Newsweek reached out to West Palm Beach Mayor Keith James’ office via email for comment.

Why It Matters

Henley & Partners said favorable tax incentives are attracting more millionaires to West Palm Beach, pulling them away from cities normally beloved by the ultra-wealthy, like New York.

What To Know

The World’s Wealthiest Cities Report 2025 ranked West Palm Beach 4th globally in terms of millionaire growth. The city is now home to an estimated 11,500 millionaires, 78 residents worth more than $100 million, and 10 billionaires.

Factors such as the absence of state income tax and favorable weather have made West Palm Beach an increasingly attractive destination for high-net-worth individuals (HNWIs).

Several financial firms, including Goldman Sachs and Citadel, have opened offices in West Palm Beach in recent years, boosting its reputation as an affluent area.

The influx of wealth has been a growing trend since the COVID-19 pandemic when the city maintained relatively few restrictions.

The Chinese city of Shenzhen experienced the largest growth in millionaires from 2014 to 2024, with a 142 percent increase. Scottsdale, Arizona, ranked second at 125 percent, driven mainly by its booming tech industry.

Bengaluru, India, ranked third with 120 percent growth in millionaires.

Elsewhere, California’s Bay Area was ranked 7th in terms of millionaire growth (98 percent), with Miami (94 percent), Washington, D.C. (92 percent), and Austin, Texas (90 percent) making up the rest of the top 10.

Palm Beach, the barrier island located across the Intracoastal Waterway from mainland West Palm Beach, is also home to multiple billionaires and is the location of President Donald Trump‘s Florida residence, Mar-a-Lago.

Palm Beach has 68 billionaires living there, according to an analysis by the Palm Beach Daily News of Forbes‘ 2025 list of the world’s wealthiest people.

What People Are Saying

Dominic Volek, group head of private clients at Henley & Partners, on West Palm Beach: “This coastal city has developed into a favored location for HNWIs leaving established capitals, including New York and California. The COVID era intensified this movement, as many prosperous individuals working in investment funds, media organizations, and entertainment businesses established residences and offices throughout the region. Florida’s low state taxes drive a self-reinforcing cycle of economic growth, attracting new residents and enhancing communities.”

Florida Atlantic University economics professor Bryan Cutsinger told The Palm Beach Post:“It’s a very attractive place for a lot of reasons: no income tax, very friendly business environment, educated workforce.”