Charlie Garcia on Miami’s Wealth Boom

As reported in Fortune (March 12, 2024), Miami has emerged as one of the top U.S. destinations for millionaires and billionaires, with the city’s millionaire population increasing by 75% over the past decade. R360 managing partner Charles Garcia has witnessed the transformation firsthand, noting that Florida’s tax advantages have been a major draw for ultrawealthy families.

Garcia told Fortune that R360, an invitation-only community for individuals with average net worths of around $400 million, has seen its Florida-based membership spike in recent years. He attributes the growth partly to tax law changes in states like Washington, which implemented a 7% capital gains tax in 2022. Florida, by contrast, has no state income tax, no estate tax, and no capital gains tax, allowing the wealthy to preserve more of their assets.

While taxes are a factor, Garcia and fellow R360 managing partner Barbara Goodstein emphasize that lifestyle, business opportunities, and family considerations also drive relocation decisions. Miami’s warm climate, vibrant cultural scene, and new attractions like the Miami International Autodrome for Formula One, along with high-profile residents such as Lionel Messi, add to the appeal.

According to Fortune, Garcia expects more ultrawealthy individuals to move to Florida in the coming years, making it an increasingly important hub for both wealth preservation and high-level networking.