What are the Richest Cities in Florida? (2024)

FAQs

What is the richest town in America Florida? ›

Miami, Florida, which includes the city and the island of Miami Beach came in the number one spot on the list. The Henley and Partner's report stated that during December 2022, there were over 800 centi-millionaires with homes in the Florida city. Miami has also seen a millionaire growth rate of 75% from 2012 to 2022.

A total of nine out of the 12 richest neighborhoods in the country are located in Florida, with Star Island, located in Miami Beach, Florida, at the top, where the medium home value was $40.2 million as of December 2022, up from $23.5 million from December 2019.

Collier County

According to the 2020 US census, the median household income in Collier County is $84,825. This makes it the wealthiest county in Florida, and one of the wealthiest counties in the entire country.

The priciest city in Florida is Fort Lauderdale, where the cost of living is 21% higher compared to the state average and 22% higher than in the rest of the U.S. The cheapest major city in Florida is Palm Coast, with a cost of living 14% lower below the state average and 13% lower than the national average.

In Florida, households must earn a minimum of $117,017 per year to be among the top one-fifth of the state's income earners, according to a new 24/7 Wall St. analysis examining the threshold of “richness” in all 50 states.

This makes Fisher Island's zip code the wealthiest in the United States.

The record sale in the enclave was Oracle founder Larry Ellison's $173 million purchase of billionaire Jim Clark's oceanfront estate last year. A living space inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.

New York City wears the crown as the world's top city with the most millionaires in 2023. Seven of the World's Top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.

Are the rich moving to Florida? ›

More high-earners moved to Florida than to any other state between 2019 and 2020, per an analysis by SmartAsset of IRS data. It found that Florida saw a net influx of 20,263 households earning over $200,000 a year—nearly four times how many high-earners decamped to Texas, the second-most popular destination.

Arvida Parkway, FL: $11.209 Million Median Home Value. The Coral Gables section of Miami is home to Arvida Parkway, a yacht lover's dream.

The richest neighborhood in America is Loyola, California. The average household income in Loyola is $326,069, with the median income a little lower at $246,563. The median listing price is $3,899,000.

1. Polk County (62,363+) The population in Polk County indicates that it's the fastest-growing county in Florida.

The five richest counties in the U.S. (No. 1 being richest), based on our combination of factors, are: Falls Church, Virginia. Loudoun County, Virginia.

The poorest county in America is Holmes County, Mississippi, with a median household income of $21,504. By contrast, the richest county in the U.S. is Loudoun County, Virginia, which boasts a median household income of $142,299.

Of exports, meat is Florida's biggest earner.

New York is the richest state in the US, with a GDP per capita at $96,5k. This means that New York is responsible for around 9% of America's entire economic output, the highest percentage amongst the 50 states.

Sales taxes make up around 80% of the general revenue collected by the state of Florida. Sales tax is levied on goods and services; in Florida, the sales tax rate set by the government is 6%, which becomes higher with local add-ons.

Which city in Florida has the best cost of living? ›

1) Palm Beach (South Florida, Palm Beach County)

The town is known for its beautiful beaches, luxurious resorts, and high-end shopping and dining options. Palm Beach only has a population of around 10,000 people and covers an area of about 10 square miles.

Jacksonville is the most affordable city in Florida and coincidentally, it also has the youngest population in the state. There are activities and features galore here including 22 miles of beaches, historic neighborhoods, world-class fishing, museums, parks, and a thriving restaurant and craft beer scene.

Middle Income Lower Limit. $32,640 $60,436. Source: SmartAsset 2023 Study Get the data Embed.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

The amount of money you need to make each month to be rich depends on which metric you're using. If you're going by the IRS standard, then you'd need to make approximately $45,000 a month to be rich. On the other hand, if you're aiming for the top 1% as measured by the EPI, you'd need a monthly income of $68,277.

Miami's Indian Creek Village was ranked in 2021 as the most expensive neighborhood in the US. The exclusive private island is home to celebrities including Ivanka Trump and Tom Brady. I got a tour of the high-security enclave and saw why it's earned the nickname "Billionaire Bunker."

The Cayman Islands have long been known as a tax haven due to their favorable tax laws and financial secrecy. The country does not have a corporate income tax, a capital gains tax, or a withholding tax, making it an attractive destination for companies and individuals looking to minimize their tax liabilities.

Hog Island- Largest Private Island in FL.

Versailles is an 90,000-square-foot (8,400 m²) house belonging to Westgate Resorts founder David Siegel and his wife Jackie.

Is Florida the most unaffordable state to live in? ›

The state's now home to the least affordable places to live in the U.S., according to multiple studies covering rental costs, home prices and income. Rent.com reported Tampa's average rent for a one-bedroom apartment was $1,682, up 32.4% since the year before. In St. Petersburg, it's $1,890 or 19.6% higher than 2021.

Although Florida is known for its beaches, it is also a place with plenty of farmland. As a result, ranch-style homes are amongst the most popular types of homes in Florida.

New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals. According to Henley & Partner's report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.

New York City

The Big Apple is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is the financial center of the USA and the wealthiest city in the world by several measures. It is also home to the world's two largest stock exchanges by market cap (the NYSE and the Nasdaq).

Knight Frank Wealth Report 2022 city rankings

According to the 2022 Knight Frank Wealth Report, the cities of New York, Tokyo and Paris have become the most popular places to live for billionaires. London and Los Angeles are next. The capital of Great Britain is also recognized as the best city for life and investment.

Top Reasons to Move to Florida

The Sunshine State is known for its warm weather and sunny days, which can be attractive to those looking to escape colder climates. Florida is a popular destination for retirees due to its warm climate, low taxes, and affordable cost of living.

The islands around Key Biscayne are also home to some of the wealthiest areas in Florida, including Star Island and Fisher Island. Since it is one of the trendiest suburbs of Miami, real estate in Key Biscayne is very pricey, with the median price of homes being $1,684,000 in 2022.

But the Sunshine State is beloved for its warm weather and lack of state income tax, making it a haven for the wealthy. That's largely why it's welcomed more high-earners than any other state, per a new analysis from SmartAsset.

Billionaires Row in Palm Beach is a stretch of ultra-exclusive waterfront properties located along South Ocean Boulevard.

What town in Florida is the Money Pit Mansion? ›

Left to languor. Now, almost twenty-five years since the restoration efforts began, the palatial mansion still sits empty, having failed to secure funds to restore it to its former glory.

The Villages has the lowest county violent crime and property crime rate in Florida. What is the safest area to live in Florida? According to our research, the three safest cities in Florida are The Villages, Palm Coast, and Riverview.

Of the 592 towns in the state with available data, Gifford ranks as the poorest. The typical Gifford household earns just $22,353 a year, 63.8% less than the statewide median household income. Given the low incomes, it is not surprising that a larger than average share of residents live in poverty.

1. Pahokee. Percentage of families below the poverty level in Pahokee: 35.9%.

A new report found that New York City is the no. 1 place for ultra-high-net-worth individuals to own a property. New York City isn't just the city that never sleeps.

An overwhelming majority (approximately 96 percent) of the top 1 percent are concentrated in major metropolitan areas such as San Francisco, Washington, DC, New York, and Los Angeles. However, a few outliers exist in suburban and even rural areas.

It definitely is. In fact, US News & World Report designated Miami as America as the second least affordable place to live only behind Los Angeles. The average amount for monthly rent in the area around Miami is at $3,191 and this amount is on par with Los Angeles at $3,517.

With the highest median income in the country and one of the largest economies in the world, Florida is undoubtedly a wealthy state.

When you think of Naples, you think of money. If you've ever wondered just how many billionaires live there, Forbes just released their 2023 list of the richest people on the planet. In 2023, there are 92 billionaires in Florida and seven in Naples.

What is the most expensive city to stay in Florida? ›

With a rate of $294 per night, Anna Maria Island, on a Gulf barrier island about 20 minutes west of Bradenton, was the priciest spring destination in the state of Florida, making it the fifth most expensive U.S. destination overall, according to the data.

Ultra-wealthy people looking for a tax break and an escape from winter have been flocking to Florida for years. More high-earners moved to Florida than to any other state between 2019 and 2020, per an analysis by SmartAsset of IRS data.

2019. $122,000. According to Charles Schwab's Modern Wealth Survey, a net worth of $774,000 is needed to feel "financially comfortable", while $2.2 million is needed to be considered "wealthy".

Per the study, cities such as Austin, Scottsdale, Greenwich and Miami are gaining millionaires, while the wealth hubs of Chicago, Los Angeles and New York City are losing them. Furthermore, more and more wealthy Americans are seeking greener pastures abroad at an unprecedented rate.

Billionaires Row in Palm Beach is a stretch of ultra-exclusive waterfront properties located along South Ocean Boulevard.

Forbes has named the richest people in the 50 largest U.S. cities, including Orlando. It's not a big surprise, but it's of interest that David Siegel, CEO and founder of Westgate Resorts, is getting the nod for the Orlando metro area. According to Forbes, Siegel, 81, is “self-made” and worth $900 million.

K.C. Schulberg: Screenwriter and film producer K.C. Schulberg is a resident of Naples. Alex Lifeson: Rush's lead guitarist owns a Pelican Bay Condo. Bob Seger: With a Naples condo, you might be privileged to see Bob Seger on your vacation.

Shahid Khan, 72, has kept his long-running crown as the richest person in Naples and the region.

Posillipo. Wealthy, leafy, and waterfront Posillipo might be one of Naples' best-kept secrets. Located on the Bay of Naples north of Chiaia, this residential quarter stretches from the sea up to the hills and offers views of the bay, Vesuvius, and the Naples waterfront.