This beautiful seaside town is home to dozens of billionaires and is blessed with stunning beaches. Palm Beach, Florida, is synonymous with wealth thanks to its huge mansions and luxurious lifestyle.
According to Forbes, an incredible 68 billionaires own houses in the area, including US President Donald Trump. Meanwhile, Palm Beach Daily News analysis showed that the total wealth of these residents is more than $620 billion (£457 billion). The wealthiest of all the billionaires living in Palm Beach is Julia Koch, an American socialite and businesswoman worth an estimated $74 billion (£54 billion).
It is no wonder that Palm Beach has attracted the rich and famous. For decades, it has been a hub for the world’s richest people thanks to its beautiful beaches, warm climate, and extravagant hotels and golf courses.
Located north of Miami and separated from the mainland by Lake Worth Lagoon, Palm Beach is a popular spot for shopping and is also known for its art and culture.
Despite having already been a well-established hub for the wealthy over the years, it appears Palm Beach is still attracting yet more people to its shores.
A report released Wednesday by the Citizens Budget Commission found that a net 30,000 New Yorkers left the Big Apple to live in Palm Beach and other surrounding areas.
They brought with them a combined $9.2 billion worth of income (£6.8 billion).
This week, one of President Trump’s neighbours listed a house on the market for $12.5 million (£9.2 million), 32 times more than the price they originally paid to buy the property.
Agent Margit Brandt of Premier Estate Properties holds the listing and told Palm Beach Daily News: “Looking at the market today, 112 Algoma is the only dry lot available for sale in Palm Beach’s Estate Section.
“It is also the only piece of land publicly available (in the MLS’s land category) in the presidential security zone adjacent to Mar-a-Lago. This presents a special opportunity for a buyer to build their dream home in one of the most coveted, exclusive locations in the world.”
