Billionaires and businesses fuel growing exodus from blue states
Florida's lack of income tax draws wealthy individuals while California considers new wealth tax
Jamie Dimon talks exodus to Florida, explains how it will 'backfire' on states driving out business
JPMorgan Chase Chairman and CEO Jamie Dimon speaks from the America Business Forum in Miami, where he was asked about his opinion on the wealth and population migration to Florida.
A growing number of billionaires, CEOs and major corporations are relocating from blue states to red states, pointing to lower taxes, fewer regulations and a friendlier business climate.
The trend has picked up in recent years and shows no clear signs of slowing.
Several well-known companies have recently moved or announced plans to move their headquarters:
Palantir Technologies
Palantir Technologies announced in February it is moving its headquarters from Denver to Miami. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
The tech firm announced in February that it moved its headquarters from Denver to Miami.
ExxonMobil
The energy giant said this week it will leave New Jersey and reincorporate in Texas, pointing to the state’s pro-business legal environment after years of legal challenges.
Public Storage
The company announced last month that it is moving its corporate headquarters from Glendale, California, to Frisco, Texas, ending a half-century run in California.
Yamaha Motor Co.
A general view of Yamaha boats at the marina at the Miami International Boat Show on Feb. 16, 2017 in Miami, Florida. (Alexander Tamargo/Getty Images for Yamaha Motor Co., LTD)
Yamaha is relocating its U.S. headquarters from California to Georgia after nearly 50 years in the Golden State, the company announced in February.
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SpaceX and X
The space company and social media platform relocated their headquarters from California to Texas, Elon Musk announced in 2024, citing policy concerns.
Tesla
The Tesla Gigafactory under construction in Austin, Texas, on Feb. 1, 2022. (Thomas Allison/Bloomberg via Getty Images)
The Musk-owned electric-vehicle maker officially moved its corporate headquarters from Palo Alto, California, to its Gigafactory in Texas, in December 2021.
Chevron
The energy company announced plans in 2024 for the relocation of its headquarters from San Ramon, California, to Houston, Texas.
Playboy
Playboy Enterprises announced last year that it would be moving its Los Angeles headquarters to Miami Beach.
Oracle
Larry Ellison's Oracle moved its headquarters out of California to Texas, and a few years later, moved to Nashville. (Andrew Harnik/Getty Images)
Larry Ellison's tech firm announced in 2024 it was moving its headquarters to Nashville, Tennessee. The company previously moved its headquarters from California to Texas in 2020, according to Fortune.
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Meanwhile, some other companies are expanding instead of fully relocating.
In-N-Out is expected to open a 100,000-square-foot eastern office near Nashville later this year. (Robert Gauthier/Los Angeles Times via Getty Images)
Starbucks recently announced plans to open a new corporate office in Nashville, Tennessee. In-N-Out is also expected to open a 100,000-square-foot eastern office near Nashville later this year.
The shift also includes high-profile individuals:
Howard Schultz
The former Starbucks CEO recently moved to Florida after decades in Washington state.
Jeff Bezos
Amazon's founder announced in 2023 that he was leaving Seattle for Miami.
Ken Griffin
The Citadel CEO moved the hedge fund's headquarters from Chicago to Miami in 2022, citing crime and failed policies in the city.
Peter Thiel
Peter Thiel established a new office for Thiel Capital in Miami. (Marco Bello/Getty Images)
The PayPal co-founder recently established a new office for Thiel Capital in Miami, according to Business Insider.
Stephen Ross
The founder of Related Companies and owner of the Miami Dolphins, relocated from New York to Florida, according to the New York Post.
Mark Zuckerberg
The Meta CEO and his wife, Priscilla Chan, have reportedly closed on a sprawling Miami-area estate for a bit less than the original $200 million listing price.
Sergey Brin
The co-founder of Google also reportedly closed recently on a $51 million property in northern Miami Beach.
Elon Musk
Elon Musk has moved himself and the headquarters of SpaceX and X to Texas. (Gonzalo Fuentes/Reuters)
Musk, the world's richest person, announced in 2020 that he had moved to Texas, according to The Wall Street Journal.
Florida, which has no state income tax, has become a major draw for wealthy individuals.
California lawmakers are also considering new taxes aimed at the ultra-wealthy. A proposed 2026 ballot measure would impose a one-time 5% tax on individuals worth more than $1 billion.
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Florida, which has no state income tax, has become a major draw for wealthy individuals. (Getty Images)
Critics argue higher taxes could push more businesses and wealthy residents to leave the state.
FOX Business' Eric Revell, Kristen Altus, Aislinn Murphy and Michael Dorgan contributed to this report.