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

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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.

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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.)

Ken Griffin and Jeff Bezos

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

Alexander Tamargo/Getty Images

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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.

Aerial view of Indian Creek, Miami

An aerial view of Indian Creek, Miami.

Jeffrey Greenberg/Universal Images Group via Getty Images

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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.

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“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.

Woman overlooks the Miami skyline as well as water below from a balcony.

Dina Goldentayer overlooking the Miami skyline.

Dina Goldentayer

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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

Here’s a guide to the seven World Cup teams (and their fans) headed to Miami | Honolulu Star-Advertiser

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Here’s a guide to the seven World Cup teams (and their fans) headed to Miami | Honolulu Star-Advertiser


MIAMI >> During the next few weeks, as the 2026 World Cup gets underway, South Florida will become even more colorful than usual as Scotland’s Tartan Army shows up in plaid kilts, Brazilians and Colombians in bright yellow shirts overtake the beaches, joined by Uruguayans in sky blue, Cape Verde fans in navy blue, Saudis in green and Portuguese in Ronaldo jerseys.

Hard Rock Stadium, renamed Miami Stadium during the World Cup because FIFA prohibits display of non-affiliated sponsors, is hosting seven matches during the 48-team tournament, which kicks off June 11 and runs through July 19.

Here are snapshots of the seven teams playing in the four group-stage games at Miami Stadium, with other teams joining the South Florida party in the Round of 32, quarterfinals and bronze medal third-place game.

URUGUAY

— FIFA ranking: 17

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— Team profile: Two-time winners of the World Cup, the first ever in 1930 and in 1950, and gold medalists in the 1924 and 1928 Olympics, which served as world championships. Legends Luis Suarez, of Inter Miami, and Edinson Cavani are no longer with the national team. Controversial coach Marcelo Bielsa, who took over in 2023, has been criticized recently after the team struggled in friendly matches and the late stages of World Cup qualifying but La Celeste did beat Brazil and Argentina earlier in the qualifying campaign.

— Group H opponents: Saudi Arabia (June 15 in Miami), Cape Verde (June 21 in Miami), Spain (June 26 in Guadalajara).

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— Players to watch: Center back Ronald Araujo has made more than 200 appearances for Barcelona since 2019. Real Madrid’s versatile, energetic midfielder Federico Valverde is key to Uruguay’s success. Also watch for winger Brian Rodriguez of Mexico’s Club America, whose nickname “Rayito” means “Little Lightning.”

— Coach: Marcelo Bielsa (native of Argentina)

— Team colors: Light blue

— Fan culture: Uruguay has a smaller fan base than Argentina, but in many ways its supporters are similar. Argentina’s wear sky blue and white, Uruguayan fans wear light blue. Both groups drink mate. And, they are extremely passionate, known to take over public plazas and beaches with “asados” (meat grilling) and “banderazos,” pep rallies with giant banners and drums. During games, they like to snack on “picadas” which are chips and peanuts with cheese, olives and salami.

SAUDI ARABIA

— FIFA ranking: 61

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— Team profile: Saudi Arabia pulled off the biggest group stage shocker in 2002, beating eventual champion Argentina. The Green Falcons have made it to seven of the past nine World Cups but have won only two matches in their past five appearances. They last made the knockout stage in 1994. The biggest news around the Saudi team is the firing of coach Herve Renard just 59 days before the start of the World Cup.

— Group H opponents: Uruguay (June 15 in Miami), Spain (June 21 in Atlanta), Cape Verde (June 26 in Houston)

— Players to watch: Saud Abdulhamid (Lens) is a 26-year-old right back who signed with Roma in 2024 before being loaned out to Lens last year. The scorer of two of Saudi Arabia’s three goals at the 2022 World Cup, including the winner against eventual world champion Argentina, Salem Al-Dawsari (Al-Hilal) will lead the attack again in 2026.

— Coach: Georgios Donis (native of Greece)

— Team colors: Green and White

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— Fan culture: Saudi fans will show up head to toe in green and white and are known to bring musical instruments and elaborate, South American-style “tifo” banners wherever they go. Saudi Arabia officially lifted its ban on women attending sporting events in stadiums on January 12, 2018, and while they were restricted to “family sections” at the start, there has been more integration in recent years.

CAPE VERDE

— FIFA ranking: 69

— Team profile: The island nation off the coast of Africa (Pop. 500,000) is the third smallest to make a World Cup, behind Iceland in 2018 and Curaçao this year. It is one of four teams making its Cup debut. The Tubarões Azuis (Blue Sharks) open against tournament heavyweight Spain. Fewer than half of the national team players were born in the country, but they feel pride in their blue jerseys, which feature a triangle pattern that depicts the flight pattern between the islands.

— Group H opponents: Spain (June 15 in Atlanta), Uruguay (June 21 in Miami), Saudi Arabia (June 26 in Houston).

— Players to watch: Ryan Mendes is a 36-year-old winger who is Cape Verde’s captain as well as its all-time leader in goals (22) and appearances (96). The former Lille and Nottingham Forest star currently plays in Turkey. Dailon Livramento was the leading scorer in qualifying. Also watch out for 23-year-old Sidny Lopes Cabral, who was born in the Netherlands and played in lower leagues of Sweden, Germany and Portugal before joining Portuguese club Benfica.

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— Coach: Bubista (full name: Pedro Leitão Brito) a 56-year-old national hero who has spent his entire career in Cape Verde.

— Team colors: Blue, white and red

— Fan culture: Their team won’t draw huge numbers, but the fans who do come will bring Western African energy and lots of songs and chants. With 600 miles of coastline, beach soccer is extremely popular in Cape Verde.

SCOTLAND

— FIFA ranking: 43

— Team profile: The Tartan Army, one of the world’s most lovable supporter groups, will be out in full force for Scotland’s first World Cup appearance since 1998. The Scots have never advanced from the group stage in eight Cup appearances. They clinched qualification with a dramatic win over Denmark in the final game of UEFA Group C, scoring two goals in extra time.

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— Group C opponents: Haiti (June 13 in Boston), Morocco (June 19 in Boston), Brazil (June 24 in Miami)

— Players to watch: Midfielder Scott McTominay, who scored on a bicycle kick to clinch his country’s spot back in November. Formerly played for Manchester United, McTominay is now with Italian club Napoli. Andy Robertson (Liverpool) is a 32-year-old left back who is Scotland’s captain and second overall in national team appearances with 92.

— Coach: Steve Clarke (native of Scotland)

— Team colors: Dark blue and white

— Fan culture: The Tartan Army is known for its checkered kilts, bagpipes and for belting out the team’s unofficial national anthem, “Flower of Scotland.” Scottish fans travel in big numbers and will be taking over several pubs in South Florida ahead of the June 24 game against Brazil. They are known for their sense of humor, friendly banter, and philanthropy. Craig Ferguson, a well-known Tartan Army superfan, is famous for his charity endurance treks to support Scotland’s national team. To celebrate the 2026 World Cup, he is walking 3,000 miles across the United States in a kilt to raise funds for Scottish Action for Mental Health (SAMH).

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BRAZIL

— FIFA ranking: 6

— Team profile: Brazil is the only nation to have participated in all 23 World Cups and has won a record five titles. Brazil won the last World Cup held in the United States in 1994. Eight years later, they won their fifth trophy. Brazil is known for its “jogo bonito” (beautiful game), which is not just a playing style but the joy and passion with which Brazilians approach the sport. The 2026 team is stacked with talent.

— Group C opponents: Morocco (June 13 in NY/NJ), Haiti (June 19 in Philadelphia), Scotland (June 24 in Miami)

— Players to watch: Vinícius Júnior (Real Madrid) is a 25-year-old winger who finished as runner-up in the 2024 Ballon d’Or voting. Neymar, the 34-year-old longtime Paris Saint-Germain and Barcelona star, is one of the most recognizable faces in the game, but he has been plagued by injuries, including a calf injury weeks before the opener.

— Coach: Carlo Ancelotti (Italy) is first foreign manager in a century.

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— Team colors: Bright yellow, royal blue, green

— Fan culture: Soccer is not a sport in Brazil; it is a religion. It is often referred to as “o País do Futebol” or “the country of football” and the iconic yellow Brazilian jersey is recognized the world over. The sport is deeply ingrained in everyday life, from the favelas to the beaches to the Maracana Stadium. The entire country shuts down on days Brazil plays World Cup matches. Brazil has produced some of the most influential players in history, including Pele, Ronaldo, Ronaldinho, Neymar and women’s soccer legend Marta.

COLOMBIA

— FIFA ranking: 13

Team profile: Colombia could be one of the biggest surprises of the summer. Los Cafeteros (The Coffeemakers) finished behind Argentina and Ecuador in South American qualifying. They have one of the most passionate, raucous fan bases in the world. Colombia’s group-stage finale in Miami against Cristiano Ronaldo and Portugal is the most coveted first-round ticket of the tournament. Los Cafeteros had their best showing in 2014, when they reached the quarterfinals

— Group K opponents: Uzbekistan (June 17), Congo DR (June 23), Portugal (June 27)

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— Players to watch: Star midfielder James Rodriguez joined MLS’ Minnesota United this season in an effort to get in shape for the World Cup, but wound up playing sparingly. Winger Luis Díaz (Bayern Munich) spent four seasons at Liverpool and ranks third in the Bundesliga in both goals (15) and assists (13).

— Coach: Nestor Lorenzo (Argentina)

— Team colors: Bright yellow, red, blue

— Fan culture: The most passionate Colombian soccer supporter groups are called barra bravas. They are known for choreographed stadium displays, massive flags (called trapos), and nonstop singing and drumming. Fans love to gather with family and friends before matches and dance to the rhythms of cumbia music. The most famous Colombian fan is Gustavo Llanos, known as El Cole (Birdman), who dresses like a tri-colored bird and has been to every World Cup Colombia participated in since 1990.

PORTUGAL

— FIFA ranking: 5

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— Team profile: One of the most compelling story lines of the tournament is whether 41-year-old Portuguese icon Cristiano Ronaldo, in his sixth and surely final World Cup, will finally get the one trophy that has eluded him. He has won league titles in England, Spain and Italy, five Champions League trophies and five Ballon d’Or trophies, but never a World Cup. Portugal reached the semifinals in 2006, the Round of 16 in 2010 and 2018, and the quarterfinals in 2022. The Portuguese are among the favorites to win this time because of strong leadership, depth and technical skill.

— Group K opponents: Congo (June 17 in Houston), Uzbekistan (June 23 in Houston), Colombia (June 27 in Miami)

— Players to watch: Ronaldo is not as dominant as in his prime, but his experience, leadership and finishing touch make him dangerous. Vitinha, the PSG midfielder, played in the 2022 World Cup and Euro 2024. Bruno Fernandes (Manchester United) is a creative playmaker who was on the 2018 and 2022 World Cup teams.

— Coach: Roberto Martinez (Spain)

— Team colors: Red and Green

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— Fan culture: Portuguese fans are deeply loyal to their club teams, particularly the Big 3 of Benfica, Sporting and Porto. But when the Selecao (national team) plays, fans from all over the country unite to cheer, wave flags and eat Bifanas (spicy pork sandwiches) during games.



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Miami kosher, Mutra, restaurant earns Michelin star | The Jerusalem Post

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Miami kosher, Mutra, restaurant earns Michelin star | The Jerusalem Post


As golden confetti rained down around him Thursday, Israeli chef Raz Shabtai broke down in tears and was embraced by his cheering staff.

Moments earlier, a livestreamed Michelin ceremony had announced that his Miami restaurant, Mutra, had become the first kosher restaurant ever awarded a Michelin star, long regarded as the highest honor in the restaurant industry.

“It’s a moment of joy, it’s a moment of pride, it’s a moment of relief, it’s a moment of confirmation,” Shabtai told the Jewish Telegraphic Agency Friday. “It’s not just about Mustra getting that star, but it’s about the entire Jewish community getting that, and I felt a lot of responsibility.”

Shabtai, who has worked in kitchens across New York and Israel, opened Mutra in February 2025, naming the kosher eatery after his Jerusalem-born grandmother whose cooking he said heavily inspires its menu.

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“I really like to call the restaurant Jerusalem cuisine versus Mediterranean and Middle Eastern or Israeli or stuff like that, because the flavors that I’m trying to bring to the table, it’s flavors that came from memories and visiting in the market with my grandma,” Shabtai said. “I have to be very loyal to what my grandma fed me.”