Story thread · 2 reports / 2 sources

Billionaires are fleeing to Florida. How much money are Miami and the state really getting?

tampabay.com · 23h · first reportShare

Billionaires are leaving California and other West Coast states for Florida. That is not new. But a recent Fortune magazine analysis raises a more interesting question for Miami: How much of the billions being moved by these new residents is benefiting South Florida? Fortune estimates that the migration from California of some of America’s richest people could cost that state $29 billion that could have been collected from billionaires under California’s proposed 5% tax on billionaire wealth. But $29 billion isn’t flowing into Florida. So what does Miami really get? That’s difficult to gauge. Florida clearly benefits when wealthy residents buy property, spend money and establish businesses. But there’s no simple “billionaire windfall” figure, Forbes reported. When a billionaire buys a $100 million mansion, for example, the purchase price largely goes to the South Florida seller. Florida doesn’t collect an individual state income tax from the buyer. And investment income that might have