March 12, 2024
Fortune: Here’s why Miami has 75% more millionaires than a decade ago
R360 Managing Partner Charlie Garcia discusses why Miami's millionaire population is growing
Miami boasts 75% more millionaires than it did a decade ago. In the past decade, the millionaire population has grown by 90% in West Palm Beach and 75% in Miami, according to a 2023 wealth report from Henley & Partners. A reason for that, R360 Managing Partner Charlie Garcia tells Fortune, is due to the lack of taxes. Florida does not tax capital gains, has no state income tax, and no estate tax. That makes it ideal for the ultra-wealthy who are considering estate planning, he says.
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