Starbucks Founder Joins Billionaire Migration To Florida

Starbucks founder Howard Schultz has become the latest billionaire to relocate to Florida, joining a growing wave of wealthy entrepreneurs and tech executives choosing the Sunshine State as their new home.

Schultz announced that he and his wife, Sheri Schultz, have moved from Seattle to Miami after more than four decades in Washington State.

“We have moved to Miami for our next adventure together,” Schultz said. “We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.”

The move ends a 44-year chapter in Seattle, where Schultz helped transform Starbucks from a small regional coffee chain into one of the most recognizable brands in the world.

Schultz, whose net worth is estimated at about $6.6 billion, is settling into a luxury residence in Surfside, Florida. Reports say the property is a $44 million penthouse located at the Surf Club Four Seasons Private Residences.

The five-bedroom home spans roughly 5,500 square feet and includes a rooftop terrace overlooking the Atlantic Ocean.

While Schultz’s nonprofit organization the Schultz Family Foundation will remain based in Seattle, his family office will relocate to Florida.

His move comes amid a broader migration trend among high-profile business leaders.

In just the past two months, several prominent figures have reportedly relocated to South Florida, including:

• Meta CEO Mark Zuckerberg

• Google co-founder Sergey Brin

• Google co-founder Larry Page

• Amazon founder Jeff Bezos (who moved earlier in 2023)

The trend reflects a growing shift of wealth and business activity toward states with lower taxes and fewer regulatory burdens.

Florida has become especially attractive because it has no state income tax, a policy that has drawn entrepreneurs, investors, and executives from traditionally high-tax states.

Schultz announced his relocation the same day the Washington State House of Representatives approved a controversial tax proposal targeting high-income earners.

The legislation would impose a 9.9% tax on income above $1 million, effectively ending Washington’s long-standing reputation as one of the few states without a personal income tax.

Supporters of the bill argue that only a small portion of residents would be affected.

State lawmakers estimate that roughly 0.5% of taxpayers would fall into the category subject to the new tax.

Critics, however, say the measure reflects a broader pattern of expanding government spending.

“The problem is overspending,” said State Representative Ed Orcutt, who voted against the bill. “There is no tax or combination of taxes that can keep up with a legislature that continually overspends.”

Schultz did not mention the tax policy when explaining his move.

Similarly, Jeff Bezos cited personal reasons when he relocated to Miami in 2023, even though Washington had recently implemented a 7% capital gains tax on large stock sales exceeding $250,000.

Interestingly, Schultz has previously expressed support for higher taxes on wealthy Americans.

During a 2019 media tour exploring a possible presidential run, he said individuals with large fortunes should contribute more to government revenue.

“I should be paying more taxes,” Schultz said at the time. “People who make this kind of money should be paying more.”

Despite his political views, Schultz’s relocation highlights the growing economic gravity of southern states.

The migration trend extends beyond individuals to major corporations.

Starbucks itself recently announced plans to expand operations in the southeastern United States by establishing a new presence in Nashville, Tennessee.

Business leaders in the region welcomed the announcement.

Justin Owen, president of the Beacon Center of Tennessee, said the state’s economic policies continue to attract companies and entrepreneurs.

“We welcome all businesses to the free state of Tennessee,” Owen said. “Our low taxes, limited regulation, and pro-worker environment make it an attractive place to grow.”

With more executives relocating each year, Florida’s rise as a hub for wealth, technology, and entrepreneurship shows little sign of slowing.

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