Howard Schultz joins Zuckerberg, Bezos in moving to the 'Billionaire Bunker' section of Florida

By Weston Blasi

Several tech execs have relocated to the Sunshine State. And many of them moved within the last few months.

Billionaires including Mark Zuckerberg, left, and Howard Schultz are flocking to Florida. Here's what's going on.

Starbucks Corp. (SBUX) founder Howard Schultz is trading in his hot coffee and hikes for an iced coffee and the beach.

"And we have moved to Miami for our next adventure together," Schultz said in a Wednesday LinkedIn post. "We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own."

Schultz bought a $44 million penthouse at the Surf Club, Four Seasons Private Residences, in Surfside, Fla., the Wall Street Journal reported.

Schultz, 72, and his wife, Sheri, announced the move the same week that Washington state lawmakers advanced a so-called millionaire tax that would levy a nearly 10% tax on personal incomes over the $1 million mark annually. The bill still needs to pass the state senate and be approved by Gov. Bob Ferguson to become law.

Schultz didn't mention the wealth tax in his post but wrote that he hopes Washington state "will remain a place for business and entrepreneurship to thrive."

Florida, on the other hand, is one of several U.S. states that doesn't have a state income tax, making it an appealing destination for many high-income earners. The coffee-chain pioneer - who has a net worth of $3.5 billion, according to Forbes - joins a slew of billionaires who have moved to the Sunshine State in just the past few months.

A brief introduction to some of the Schultzes' new neighbors:

Mark Zuckerberg

Facebook founder Mark Zuckerberg and his wife are reportedly moving to Indian Creek Island in Florida.

The Facebook co-founder and Meta Platforms (META) CEO and his wife are reportedly in the process of moving from their longtime home in Palo Alto, Calif., to Indian Creek Island on Biscayne Bay north of Miami. This secluded area, about 20 minutes on foot from the Schultz residence, is often referred to as the "Billionaire Bunker." It's also home to Amazon founder - and Schultz's fellow Seattle transplant - Jeff Bezos.

Zuckerberg's reported exodus from California comes at a time when some state lawmakers have been pushing for a wealth tax. One proposed measure would impose a one-time 5% "wealth levy," paid as 1% annually over five years, on worldwide net worth.

See: Two new Democratic bills would cut income taxes for millions of Americans. Here's who they would help the most.

The tax proposal will be the subject of a California ballot initiative in November. Most of the money raised by that tax would go to the state's Medicaid program, according to the ballot measure. Gov. Gavin Newsom, a Democrat, has publicly opposed the measure.

Larry Page and Sergey Brin

Google founders Sergey Brin, left, and Larry Page are also Florida-bound.

Google and then Alphabet (GOOGL) (GOOG) co-founder Larry Page reportedly spent $173.4 million on two estates in Miami's upscale Coconut Grove neighborhood, less than 20 miles south of both the Schultz apartment and the Billionaire Bunker enclave, in early 2026. Page has a net worth of $254.4 billion.

The Silicon Valley mogul will reportedly be joined in Florida by his Google co-founder, Sergey Brin, who purchased a $51 million mansion this year on Miami's exclusive Allison Island (about 3 miles south of Indian Creek Island), according to Realtor.com. Brin has a net worth of $235 billion, according to Forbes.

Neither has publicly stated the reasoning for their reported moves to Florida.

The early adopter

Amazon founder Jeff Bezos moved from Washington state to Miami back in 2023.

Amazon (AMZN) founder Jeff Bezos was one of the first of the prominent billionaires to move to Florida in recent years, having moved from Washington state to Miami in 2023.

Bezos's move came shortly after Washington state imposed a 7% tax on long-term capital gains exceeding $250,000, a tax situation that Bezos has found himself in many times over the years.

In an Instagram post announcing the move, Bezos said he wanted to live closer to his family in Florida as well as be closer to the operations of Blue Origin, his rocket company that often launches from Cape Canaveral, Fla.

Bezos, 62, now owns three properties on Indian Creek Island, according to Realtor.com. The e-commerce giant's founder has a net worth of $225.6 billion, according to Forbes.

See also: Here's how the new tax rules can get you a bigger refund in 2026

Americans leaving states with high costs of living is not just a trend for the ultrawealthy.

According to data from the U.S. Census Bureau compiled by Realtor.com, New York, Hawaii, Alaska and California were the states that shrank the most from net domestic-migration outflows in 2025. South Carolina, Idaho and North Carolina had the most yearly growth from net domestic in-migration.

Read on: 'Can't sell house' searches are higher now than during the 2008 housing crisis

-Weston Blasi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

03-12-26 1618ET