Mark Zuckerberg · California · Google · Amazon · Oracle · Meta · Fortune Technology
Griffin made a splash when he announced he was moving his hedge fund Citadel to Miami in 2022
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For the past 10 years, the hedge funder has poured $450 million into a 50,000-square-foot waterfront compound in Palm Beach County, which, when finished, will be the most expensive residence on the planet, according to the New York Post.
Key facts
- Meanwhile, former Starbucks CEO Howard Schultz, whose net worth is $3.4 billion, and Meta CEO Mark Zuckerberg, whose net worth is $196 billion, also both bought property in the Sunshine State earlier
- Google cofounders Larry Page (net worth $295 billion ) and Sergey Brin (net worth $275 billion ) rushed to leave California last year before the Jan. 1 deadline for the California billionaire tax
- The property, which Ellison purchased for $173 million in 2022 is conveniently located fewer than 10 miles from President Donald Trump’s Mar-a-Lago estate
- For the past 10 years, the hedge funder has poured $450 million into a 50,000-square-foot waterfront compound in Palm Beach County, which, when finished, will be the most expensive residence
Summary
The billionaire exodus from the West Coast to Florida is underway as the ultrawealthy seek refuge from wealth taxes in states like California and Washington. Google cofounders Larry Page (net worth $295 billion ) and Sergey Brin (net worth $275 billion ) rushed to leave California last year before the Jan. 1 deadline for the California billionaire tax. The tech titans and Schultz join Amazon founder Jeff Bezos, PayPal and Palantir cofounder Peter Thiel, Citadel founder Ken Griffin, and Oracle cofounder Larry Ellison, who have all bought property or moved their companies’ operations to Florida in the past several years. The rush to buy in Florida has been fueled partly by California’s proposed Billionaire Tax Act, which, if passed, would charge billionaires who resided in California after Jan. 1, 2026, with a one-time tax on 5% of their total net worth.