Palm Beach luxury real estate agent says billionaire migration will continue as wealthy flee high-tax states

Florida is closing in on New York for the second-highest number of billionaires in the nation.

"We're one of the top brokerages on Palm Beach Island. We have approximately 30% of the listings here in Palm Beach, and we do a lot of the big waterfront homes," Margit Brandt, a real estate agent specializing in luxury properties, told Fox News Digital. 

"We've seen more movement than ever before of billionaires coming to Florida, and we anticipate that will continue."

Brandt was reacting to data showing Florida gaining ground on traditional wealth strongholds, ranking third in the nation for the number of billionaire residents behind New York and California.

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According to Forbes, California leads the nation with 255 billionaires, while New York ranks second with 153. Florida follows in third place with 138 billionaires, up from 91 in 2022.

"I think the biggest thing is taxes, but it's also a lifestyle. And I can speak on Palm Beach," Brandt told Fox News Digital. "Palm Beach is Palm Beach; it's not [just] Florida. We have the best infrastructure, the best schools, nightlife and fun restaurants. I mean, Palm Beach is really fun."

Brandt noted that expanded high-end infrastructure and healthcare options have made the region even more appealing to ultra-high-net-worth buyers.

"I think that's something that people don't realize," Brandt added. "In terms of healthcare, we have the Cleveland Clinic that's come in, so our medical care has upgraded. When you mix that good medical care and good schools with the best nightlife and hospitality — like Hotel Vineta, brought in by the same team behind Hotel Du Cap — it's an obvious landing place for a lot of these people."

Fox News Digital has previously reported that several major U.S. cities have experienced domestic population losses or struggled to return to their pre-pandemic population levels.

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On the East Coast, New York City has faced renewed outmigration. According to a Citizens Budget Commission (CBC) analysis, the Big Apple lost roughly 114,000 more domestic residents to other parts of the United States than it gained in 2025 following two prior years of marginal growth.

The shift prompted New York Gov. Kathy Hochul to urge high-net-worth individuals to remain in or return to the state. Hochul warned that losing wealthy taxpayers could threaten funding for critical social programs.

Hochul previously acknowledged that New York is "in competition with other states who have less of a tax burden," specifically citing "Wall Street businesses looking at Texas" as a concern.

Brandt, who grew up in New York, contrasted the city's current state with her memories of the 1990s under former New York City Mayor Rudy Giuliani.

"I grew up in New York in the '90s. New York in the '90s was amazing because we had Giuliani as mayor," Brandt said. "In terms of crime and quality of life, I specifically remember when I was little that Giuliani kept the streets clean."

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She expressed concern about the city's direction under its recent mayors.

"I think the combination of [former Mayor Bill] de Blasio, mixed with [Mayor Zohran] Mamdani now, it's a total disaster," Brandt concluded. "You can just see when a city is run well versus when a city is run poorly. And I can say with certainty that New York City is being run extremely poorly right now."

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Spokespersons for Hochul, Mamdani and Florida Gov. Ron DeSantis did not immediately respond to Fox News Digital’s requests for comment.