Florida is minting billionaires at a blistering pace — and is now just 15 deep pockets away from overtaking the Empire State.
But ahead of No. 2 New York and No. 3 Florida, California still reigns supreme as the land of billionaires with 255 of them — 76 more than in 2022, according to a new Forbes ranking.
Florida now boasts 138 billionaires, 47 more than it had in 2022.
By comparison, New York has 153, but added just 24 moguls in the last five years.
New York’s wallet-sapping mix of skyrocketing rent, taxes and everyday expenses makes it difficult for both working-class and high-income families to justify staying.
Beyond its warm weather, Florida’s low tax burden is a big draw for both retirees and workers. The state does not have an individual income tax, estate tax, inheritance tax or long-term capital gains tax.
Wealthy millennials are leaving blue states on both coasts and heading to red states in the South by the thousands, according to a Smart Asset analysis.
Florida’s Palm Beach County is attracting new attention as wealthy Americans seek alternatives to high-tax states like New York and California.
“Palm Beach has changed from a place where people come to retire to a place that people come to build,” luxury real estate expert Margit Brandt told Fox News Digital. “There’s been countless CEOs and major heads of companies that have moved their businesses to Palm Beach.”
Leading the Golden State’s billionaire class is 42-year-old Mark Zuckerberg, who famously launched Facebook from his college dorm before transforming it into a global social media empire. According to Forbes, Zuckerberg is California’s richest resident for the third consecutive year with an estimated wealth of $246 billion.
The richest person in America and the world is Texas resident Elon Musk, with an estimated $925 billion fortune.
Texas ranks fourth, with 88 billionaires — well behind the top three states. It has added 19 billionaires since 2022.
The Empire State’s wealthiest resident this year is 84-year-old former NYC Mayor Michael Bloomberg with $94.9 billion.
Florida’s wealthiest resident is Amazon founder Jeff Bezos, 62, whose fortune Forbes estimates at $381 billion.
