Tax-free Florida is home to 51 billionaires: Forbes

Florida and its lack of a state income tax are hard to resist: 51 of the world’s billionaires call the Sunshine State home, according to an annual Forbes list.

The most famous billionaire Floridian is President Donald Trump, a part-time resident of Palm Beach, the location of The Trump Organization’s Mar-a-Lago resort. Trump’s fortune dropped to $3.1 billion, which ranks No. 766 among the world’s wealthiest individuals. Forbes estimated that Trump has lost $400 million of his net worth since becoming president.

Micky Arison, the CEO of the cruise ship company Carnival, and David Tepper, the founder of hedge fund Appaloosa Management, also reside in Florida, one of seven states with no personal income tax.

The wealthiest Floridian is Thomas Peterffy, the chairman and CEO of Interactive Brokers Group, the South Florida Sun-Sentinel reported. Peterffy has an estimated net worth of $20.3 billion, and his place on the Forbes list jumped to No. 47 from last year’s ranking of No. 82.

Tepper, a relatively new resident of Florida, is now the second-richest Floridian at $11 billion. Tepper took his hedge fund to Miami Beach from the high-tax state of New Jersey—a move that cost New Jersey millions of dollars in tax revenue.