Posted 1/11/2024, 10:23:23 AM
Florida's Palm Beach County Tops U.S. in New Wealth Growth, Luring Executives with Business Assets and Lack of Income Tax
- Palm Beach County gained $7 billion in adjusted gross income from 2020-2021, the most of any U.S. county according to a study by the Economic Information Group
- The study found Florida gained $39.2 billion overall, while New York and California lost $24 billion and $29 billion respectively
- The influx was driven by remote work allowing executives to relocate without changing jobs, lured by Florida's business assets and lack of income tax
- West Palm Beach has seen major financial firms open offices recently, with business leaders citing factors like the airport, Brightline, and new luxury office space
- The growth in high-net-worth residents predates the pandemic, with milestones like CityPlace/The Square, celebrity residents, and the weather being draws over time