Miami, FL

The great wealth 'realignment': Affluent people keep moving from NY and SF to cheaper, warmer places

Published

2 years ago

January 7, 2024

Press Room

The great wealth 'realignment': Affluent people keep moving from NY and SF to cheaper, warmer places

Wealthy people are moving to states including Florida, Texas, North Carolina, and Tennessee.
They’ve been wooed by the same things less wealthy movers seek: space, weather, and lower taxes.
This pattern is driving up home prices in Miami, in particular, even for the highest earners.

Everyone wants to live where their dollars go further — including the wealthiest Americans.

The pandemic ushered in a “realignment” of wealth where even those with the deepest pockets picked up and established themselves in states with bigger homes, warmer weather, and lower or no personal income taxes, Bloomberg noted in a profile of a Florida island that’s home to the world’s wealthiest people.

On the whole, Americans — wealthy and middle class alike — are moving from more expensive, higher-tax states like New York and California to cheaper, lower-tax ones including Florida, Tennessee, and North Carolina, according to Census data and other studies.

It’s possible to track the moves of high earners in particular. A July 2023 study by personal-finance site SmartAsset using tax-filing data from between 2020 and 2021 found that people making at least $200,000 a year are moving to states including Florida, Texas, North Carolina, and Tennessee. They were leaving states like New Jersey, Massachusetts, and New York, the study found. In its coverage of Florida’s “Billionaire Bunker,” Indian Creek, Bloomberg highlighted Austin, Dallas, Nashville, and Charlotte as main hubs for affluent relocators.

The moving math is undeniably attractive: Someone making $150,000 in New York City can save nearly $50,000 by relocating to Miami, while someone making $650,000 or more could save up to $200,000 making the same move, SmartAsset found.

Florida, Texas, and North Carolina are popular destinations for more than just the wealthy. Between 2021 and 2022, Florida attracted the most new residents of all 50 states, with 738,969 movers, according to Census data released in October. It was followed by Texas, with 668,338; California, with 475,803; and North Carolina, with 341,582. (At the same time, all four of those states ranked in the top 10 states people are leaving, though not in the same order.)

Citadel founder Ken Griffin and former Amazon CEO Jeff Bezos attend an event in Miami Beach.

Alexander Tamargo/Getty Images

Major companies are also making transitions to these states in a very public fashion: Legendary hedge fund CEO Ken Griffin announced in June 2022 that he was moving Citadel’s headquarters from Chicago to Miami to, he said, leave behind the Windy City’s violence. Financial markets index provider and data firm Indxx moved its headquarters from New York to Miami citing its favorable corporate and personal tax structure. Investment firm AllianceBernstein moved 1,000 jobs from New York to Nashville in 2021 in an effort to save $80 million annually, Bloomberg reported. Asset management firm Allspring Global Investments moved from San Francisco to Charlotte the following year, noting in a press release North Carolina’s “business-friendly environment.”

Texas similarly has favorable tax policies for individuals and businesses. For similar reasons, companies like Oracle and Tesla have established themselves in Austin, while Goldman Sachs is at work on a new hub in Dallas.

Company leaders, who also happen to be billionaires, are also relocating: Griffin himself plunked down nearly $107 million in 2022 for a waterfront compound in Miami’s Coconut Grove neighborhood, the city’s first home to close with a nine-figure price.

An aerial view of Indian Creek, Miami.

Jeffrey Greenberg/Universal Images Group via Getty Images

Meanwhile, Amazon founder Jeff Bezos last year shelled out $147 million for two parcels on Miami’s Indian Creek, which is also home to Jared Kushner and Ivanka Trump, as well as businessman Carl Icahn.

Tesla founder Elon Musk claims he’s been living in Texas for some time, having ditched California.

The reshuffling of wealth is making historically cheaper states more expensive

In Miami, in particular, this reshuffling of wealth has ushered in an era of unaffordability.

In January 2020, the median home price in Miami was $343,500, according to Redfin. In November, it was $590,000 — a 72% increase.

“Miami and most of Southeast Florida have rebranded into more luxury markets,” housing expert Jonathan Miller told BI in September. “I don’t see that as a fluke or an anomaly.”

This pricing out is even happening among the highest echelons of wealth.

On Indian Creek, the island that attracted Bezos, Kushner and Trump, and Icahn, the “merely affluent are now being displaced by the fabulously wealthy able to spend $100 million for a mansion,” Bloomberg reported.

Dina Goldentayer overlooking the Miami skyline.

Dina Goldentayer

Dina Goldentayer, a top Miami real-estate agent who has been involved in three of the island’s five most recent sales, told Bloomberg this state of affairs “is all post-Covid, and it was actually quite different before.” Around seven years ago, she said, “there would be five or six listings at the same time and $20 million was a big sale.”

A quick search on Zillow turned back more than 20 properties across Miami priced over $20 million.

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Miami, FL

Josh Flagg Lists $10 Million Miami Mansion Across from The Beckhams

Published

17 hours ago

November 16, 2025

Press Room

Josh Flagg Lists Million Miami Mansion Across from The Beckhams

Josh Flagg
Selling $10 Million Miami Home in Billionaires’ Row

Published November 16, 2025 4:48 PM PST

Josh Flagg is cashing in on Miami heat … listing his $10 million estate directly across from The Beckham’s $72.3 million compound … TMZ has learned.

The “Million Dollar Listing” star listed the place ten days ago … a Mediterranean-style estate he gutted and rebuilt with BuiltIN Studio’s Gary Eisner. The 4,000 square foot home on a 10,000 square foot lot features 4 beds, 5 baths, vaulted ceilings, custom steel doors, serious security, and a detached pool house with a sauna and cold plunge.

Josh Flagg

Josh tells TMZ … the home has been rebuilt from the ground up … essentially a brand new house. He says construction is in the final stretch and the buyer will be able to move in within about sixty days.

The property is owned by Flagg Family Capital, the family’s private real estate investment arm, in partnership with Carolwood LP. Headed by Adam Rubin and Andrew Shanfeld.

Josh Flagg selling miami home zillow 4

He says the timing was intentional, saying … “The minute New York elected Mandahmi, I called my broker Jordan Karp. I didn’t even wait for the acceptance speech.” Karp listed the property and his phone’s been blowing up ever since.

Josh Flagg selling miami home zillow 1

North Bay Road, often called the Fifth Avenue of Miami Beach, remains one of the most coveted streets in the country. Flagg’s estate has been completely rebuilt, a rarity in a neighborhood where many homes still date back to the 1930s.

North Bay Road, nicknamed “Billionaires’ Row.” counts David and Victoria Beckham, Michael Bay, Barry Diller and the Von Furstenberg family, and Steve Witkoff among its heavyweight residents with sales regularly topping $70 to $100 million.

Josh Flagg selling miami home zillow 2

Flagg says the Miami rush is predictable. One politician says they’ll “make the rich pay,” and planes at Teterboro start fueling up faster than the Bergdorf sale,” he jokes. “A week later, everyone from Manhattan claims they ‘escaped New York,’ like they tunneled out of Shawshank with a Birkin.”

Josh also bought a place in East Hampton and a commercial building in downtown Manhattan. “I love New York — it’s home half the month,” he says. “I’m just doing business. And I can’t say I’m leaving Miami … I’ve never even spent a night there.”

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Miami, FL

Passenger convicted of sexual abuse of child on cruise ship that left Miami

Published

3 days ago

November 14, 2025

Press Room

Passenger convicted of sexual abuse of child on cruise ship that left Miami

A Malaysian man has been convicted of sexually abusing a child while on board a cruise ship that sailed out of Miami, authorities said.

Lay Ong, 67, was convicted by a federal jury on Oct. 23 of abusive sexual contact of a minor, the U.S. Attorney’s Office for the Southern District of Florida said in a news release Friday.

According to an arrest affidavit, Ong had been a passenger aboard the Royal Caribbean Icon of the Seas that departed PortMiami on March 29 and returned April 5.

While the ship was in international waters, Ong encountered two boys, ages 7 and 9, who were playing in a corridor outside their cabin, the affidavit said.

Ong started speaking with the children and began touching the 7-year-old’s head and chin before he reached down and squeezed the child’s genitalia, prosecutors said.

According to the affidavit, the kids reported the incident to the 7-year-old’s parents, saying Ong had asked them if they were boys or girls then said “let me check” before grabbing the child.

Security cameras on the ship captured the encounter, the affidavit said.

Ong faces a maximum of life in prison at sentencing. He’s also subject to deportation after his sentence.

“Abusing a child is an unforgivable act,” U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida, said in a statement. “This verdict makes clear that anyone who preys on a child—anywhere, and under any flag—will be held to account. We will continue working with the FBI to protect young victims and bring their abusers to justice.”

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Miami, FL

President Trump’s granddaughter, Kai Trump, officially becomes part of Miami golf recruiting class – WTOP News

Published

5 days ago

November 12, 2025

Press Room

President Trump’s granddaughter, Kai Trump, officially becomes part of Miami golf recruiting class – WTOP News

CORAL GABLES, Fla. (AP) — Kai Trump knew more than a year ago that she wanted to go to the…

CORAL GABLES, Fla. (AP) — Kai Trump knew more than a year ago that she wanted to go to the University of Miami and play golf for the Hurricanes.

And the granddaughter of President Donald Trump never changed her mind.

Miami announced that Kai Trump is part of its women’s golf signing class on Wednesday, the first day of the NCAA Division I signing window for most sports. She actually filled out the letter of intent last week in a ceremony at her high school — not far from her grandfather’s Mar-a-Lago estate in West Palm Beach — but Miami could not acknowledge her signing or even her commitment until now because of the NCAA rule regarding signing dates.

How she’ll fare in college is anyone’s guess. But this much is certain: Miami golf is about to be seeing a whole lot more attention.

“We view any potential exposure as positive for Miami golf,” Hurricanes coach Janice Olivencia said. “Our current team is a very mature and intelligent group of women. So, we anticipate that we will handle all the attention with great composure and enthusiasm.”

Kai Trump, the daughter of Donald Trump Jr., committed to Miami in August 2024. She’s making her LPGA debut this week in The Annika at Pelican Golf Club, explaining in a news conference there Tuesday why Miami was her pick.

“I love the coaches. It’s close to home. Great school,” Kai Trump said. “I love the people there. My cousins went there as well, so I know people that have gone there. You know, it’s a great university and I’m looking forward playing for them.”

She’s an influencer on social media; her behind-the-scenes video from election night has more than 5.1 million views on YouTube, and her video from going to the Ryder Cup with her grandfather has been viewed about 2 million times on YouTube alone. And yes, she plays golf with her grandfather, whose affinity for the game is no secret.

“We play a lot,” Kai Trump said. “We have a great time out there.”

Her LPGA debut comes this week courtesy of a sponsor’s exemption. Tournament host and Hall of Famer Annika Sorenstam played with Kai Trump earlier this week and said she was impressed by the 17-year-old’s ability to ask questions.

“I just don’t know how she does it, honestly,” Sorenstam said. “To be 17 years old and hear all the comments, she must be super tough on the inside. I’m sure we can all relate what it’s like to get criticism here and there, but she gets it a thousand times.”

Kai Trump is open about her strengths and weaknesses when it comes to the game. She’s a big hitter; even Sorenstam was impressed with her length off the tee. The short game — being able to score around the green — is a work in progress.

“Kai will bring tremendous energy and excitement to Miami,” Olivencia said. “She’s a multi-sport athlete with a strong competitive spirit and a true love for the game of golf. Kai is very committed to her growth, both as a player and a person. And her emphasis on development will continue to lead her to new heights.”

The university hasn’t revealed much regarding what it’ll be like to have the president’s granddaughter on campus, but the Hurricanes are hoping that Kai Trump’s college experience will be as normal as possible.

“Our team is very welcoming,” Olivencia said. “They trust in us to continue to invite players to the program that will contribute in their own way, to raise the level of this team. In addition to that, we’re very fortunate at Miami to have a plethora of resources and great support systems. This class will certainly have the access our current student athletes have at The U from the minute they get on campus.”

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AP golf: https://apnews.com/hub/golf

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