Florida Ranks in the Top 3 States With the Most Billionaires
Ever wonder where America’s billionaires hang their hats? A new study from Delia Law reveals that nearly a quarter of the country’s billionaires file their tax returns in just one state: California.
Here’s what the numbers tell us about where the ultra-rich live—and why.
California: The Billionaire Capital
California is home to 186 billionaires—almost 25% of the nation’s total. Despite its high taxes, including a mansion tax that adds extra fees on property sales over $5 million, billionaires continue to flock to cities like Los Angeles.
Why? California’s tech boom and entertainment industry have created a unique ecosystem where wealth thrives. For example, Silicon Valley is a hub for billionaires like Mark Zuckerberg and Larry Page, while Hollywood draws the rich and famous.
Yet, even California has limits. Last year, a proposed wealth tax targeting the state’s ultra-rich was rejected. While individual billionaires rake in over $500 million in income annually, debates about fair taxation continue to swirl.
New York: Wealth in the Big Apple
New York lands second with 135 billionaires, representing 18.02% of the U.S. total. Like California, New York’s high property values and exclusive real estate play a big role. The state’s mansion tax applies to properties over $1 million—a threshold that barely covers the cost of a modest apartment in Manhattan.
With the priciest real estate sale in New York’s history being a $238 million property, it’s no surprise billionaires are drawn to the Big Apple. However, soaring prices also create challenges for everyday residents, who face one of the highest costs of living in the country.
Florida: The Tax Haven
Florida claims the third spot with 78 billionaires (10% of the U.S. total), but it stands apart for one key reason: taxes—or lack thereof. Florida imposes no state income, inheritance, or estate taxes, making it a magnet for wealthy individuals looking to maximize their fortunes.
West Palm Beach is a particular favorite among the rich, having seen a 90% increase in millionaire residents over the past decade. Amazon founder Jeff Bezos is among those who’ve purchased property in Florida (Miami). However, critics point out that Florida’s tax system disproportionately burdens middle-income residents, who pay more relative to their income than the top 1%.
Texas: A Rising Star
In fourth place, Texas boasts 73 billionaires (9.75%). Like Florida, Texas offers a low-tax environment with no state income tax, attracting billionaires like Elon Musk, who moved his businesses to Austin.
However, this billionaire boom comes with a price. According to advocacy group Every Texan, low- and middle-income families pay 5.5 times more of their income in taxes than the wealthiest residents. While billionaires bring jobs and investments, the state’s economic structure may leave many Texans struggling to keep up.
The Full Ranking
Below is the entire ranking of states with the most billionaires.
| RANK | States | Number of Billionaires(2023) | Total Individual Income Tax(2023)(gross, thousands $) | Percentage of U.S. Billionaires by State |
| 1 | California | 186 | $504,568,066 | 24.83% |
| 2 | New York | 135 | $324,747,056 | 18.02% |
| 3 | Florida | 78 | $280,559,094 | 10.41% |
| 4 | Texas | 73 | $336,149,775 | 9.75% |
| 5 | Illinois | 23 | $176,517,904 | 3.07% |
| 6 | Massachusetts | 22 | $136,910,476 | 2.94% |
| 7 | Georgia | 18 | $108,466,844 | 2.40% |
| 7 | Pennsylvania | 18 | $150,898,585 | 2.40% |
| 9 | Nevada | 17 | $28,985,886 | 2.27% |
The Billionaire Debate: Good or Bad for States?
Billionaires undoubtedly influence local and state economies. They invest in businesses, create jobs, and fund philanthropy. But critics argue that their wealth often leads to policy decisions favoring the rich, leaving average taxpayers to pick up the slack.
Dawn Delia, a federal tax attorney at Delia Law, explains, “Billionaires can boost economies, but they also exploit tax loopholes that shift the burden to everyday people. The challenge is finding a balance between attracting wealth and ensuring fairness.”
Whether they’re paying mansion taxes in California, snagging penthouses in New York, or enjoying tax-free living in Florida, billionaires shape the economic landscapes of their states. But as debates about wealth inequality and taxation intensify, the question remains: Are billionaires a boon or a burden for America?
