Business leader Howard Schultz has officially moved to Miami after buying a palatial penthouse for $44 million. The former Starbucks CEO announced his departure from Seattle on March 10, 2026, ending his 40-year history with the city where he built his coffee empire. His new home is located at the Surf Club, Four Seasons Private Residences in Surfside, an area known for its extreme luxury and privacy. This move is more than just a personal change, it represents a growing trend of wealthy executives leaving high-tax states for the sun and the financial benefits of Florida.
A New Home in the “Billionaire Bunker”
The penthouse Schultz purchased is a stunning five-bedroom unit that overlooks the Atlantic Ocean. While $44 million is a massive sum, real estate experts noted that he actually got a bargain. The property was originally listed for $55 million in late 2024. The home features a central courtyard, a rooftop terrace, and over 5,500 square feet of space.
By moving to Surfside, Schultz joins a neighborhood that people often call the “Billionaire Bunker.” He will be living near other famous leaders like Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg, who have also moved their primary residences to Florida recently.
Why Leave Seattle Now?
For decades, Schultz was the face of Seattle business. However, his move comes at a time of big political changes in Washington state. Just as he announced his relocation, Washington lawmakers were moving forward with a new “millionaire tax.” This law would place a 9.9% tax on annual income over $1 million.
In a post on LinkedIn, Schultz did not mention the tax. Instead, he focused on his family and the future. “We have moved to Miami for our next adventure together,” Schultz wrote. “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.”
Even though he cited personal reasons, many analysts believe the timing is not a coincidence. Florida is one of the few states in the U.S. that does not have a personal income tax. For someone with a net worth of billions, staying in a state with a new 10% tax could cost millions of dollars every year.
The Great Wealth Migration
Schultz is not alone in his decision. A 2026 report on global wealth shows that more than 35% of high-net-worth individuals are now actively looking to move to places with lower taxes. This shift is changing the map of the United States. While cities like Seattle and San Francisco are losing some of their wealthiest residents, Miami is seeing a massive boom.
“The movement is not random,” says one investment advisor in a recent report. “Capital is flowing toward environments where the rules are transparent and durable.” This means that people with a lot of money want to live in places where they know exactly how much they will be taxed in the future.
How Miami is Changing
The arrival of people like Schultz is reshaping the local economy in South Florida. It isn’t just about buying houses; it is about where businesses are headquartered. Schultz confirmed that while his charity will stay in Seattle, his private family office is moving to Miami. When these “family offices” move, they bring high-paying jobs and new investments to the city.
The luxury real estate market in Miami is feeling the impact. Experts project that the value of high-end properties in Florida will increase by 5% to 7% over the next 18 months. Because there is a limited supply of oceanfront homes, the competition between billionaires is keeping prices very high.
A Permanent Shift?
While some people thought the move to Florida was just a temporary trend after the pandemic, it now seems like a permanent shift. Seattle and other “blue” states are struggling to keep their wealthiest residents as they try to raise taxes to pay for public services. Meanwhile, Florida is positioning itself as a “safe haven” for wealth.
“Miami is no longer just a city for holidays and beach houses,” notes a recent luxury market report. “It has become a destination for serious buyers who value stability and long-term planning.”
As Howard Schultz settles into his new life in the sunshine, his move serves as a clear signal. For many of the world’s most successful people, the “next adventure” is happening in Florida.
Disclaimer: This article is for informational and editorial purposes only. Real estate values, ownership details, and relocation reports are based on publicly available records and media coverage at the time of publication. Property transactions and residency decisions may evolve. This content does not constitute financial, investment, tax, or legal advice.
