![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/05\/florida_by_the_numbers_5_26-1_t850.png\" "\\"\\"\/")
Image courtesy of Site Selector<\/p>\nFifty years ago, most people associated Florida with Disney World, mobile home parks, retirement communities, shuffleboard courts, shell shacks, T-shirt stands and beach motels welcoming vacationing families from the Midwest and Northeast.<\/p>\n
Fast forward to 2026 and one thing is abundantly clear: This is not your grandfather\u2019s Sunshine State anymore.<\/p>\n
While most of the things listed above are still there, they no longer dominate the Florida economy to the degree they did in 1976. Taking their place at the top of the economic food chain are high-net-worth individuals, financial services companies, high-tech investors and the physical plants they are building across the sun-splashed peninsula.<\/p>\n
In other words, the current iteration of Florida looks nothing like its past. Florida is getting wealthier, more diversified and more talent-rich each year. The numbers confirm this.<\/p>\n
For starters, check out where the wealthiest individuals and their business empires are migrating. According to the latest data from the Florida Chamber Foundation and Florida TaxWatch, more wealth relocates each year to Florida than to any other place in the U.S.<\/p>\n
Image courtesy of Site Selector<\/p>\n
Around $39.2 billion in net wealth transfers to Florida each year. To put that into perspective, that amounts to $4.48 million in individual net assets transferring to the Sunshine State every hour.<\/p>\n
That amount of capital buys a lot more than suntan lotion and luxury beach condos. It invests into creating and expanding companies, constructing corporate facility expansion projects and hiring talented workers who then begin building their own fortunes.<\/p>\n
From Stephen Ross and Carlos Rosso on the Atlantic Coast to Dynasty Financial, Webull and SmartChoice on the Gulf Coast, Florida is humming with capital investors eager to share their bounty with the state\u2019s rapidly growing talent pool.<\/p>\n
Labor intelligence firm Lightcast, which many site selectors and companies use to find the best locations for business expansion, recently ranked Florida the No. 1 state in the nation in the data firm\u2019s Talent Attraction Scorecard for the second year in a row.<\/p>\n
From Pensacola to Jacksonville, Gainesville to Orlando, Tampa-St. Petersburg-Clearwater to Lakeland-Winter Haven and all the way down to West Palm Beach, Fort Lauderdale and Miami, GDP growth is on a tear, and that means rapidly growing companies are hiring.<\/p>\n
According to the Florida Legislature\u2019s Office of Economic and Demographic Research, five counties now account for more than 50% of Florida\u2019s GDP:<\/p>\n
Miami-Dade: 14.91%Broward: 10.24%Orange: 9.39%Hillsborough: 8.96%Palm Beach: 8.25%<\/p>\n
It\u2019s no wonder, then, that these five counties rank among the state\u2019s leading winners of corporate facility deals. From Jan. 1, 2025, to Feb. 24, a total of 367 major corporate facility investment projects were announced in Florida, per the Conway Projects Database of Site Selection magazine. Miami-Dade County leads the state by landing 74 (20%) of these deals. Palm Beach County is second with 43 projects; followed by Duval with 38; Hillsborough with 34; Orange with 31; Broward with 27; and Pinellas with 20.<\/p>\n
To find out why these locations attract so many corporate investors, we talked to the CEOs making expansion moves in these markets. What we learned is that the formula being used by Florida to attract both individual and corporate investors could be replicable if other states elected to give it a try. This formula follows three simple rules:<\/p>\n
Capital shifts to where it is treated well.Where wealth migrates, good jobs tend to follow.When newcomers succeed in a location, others want to join them.How Florida is changing<\/p>\n
To understand how significantly this wealth migration is changing the economy of Florida, it pays to take inventory of the people making it happen. Some 115 billionaires now call Florida home and their numbers are swelling each year. In the past three years alone, the following billionaires have established residence in the Sunshine State: Jeff Bezos, Mark Zuckerberg, Larry Ellison, Larry Page, Sergey Brin and most recently, Howard Schultz.<\/p>\n
They join previous transplants such as Related Group founder Stephen Ross, who decided to move from New York to Palm Beach during the pandemic six years ago. His former Related colleague, Carlos Rosso, moved to Florida in 2001 after completing a master\u2019s degree at MIT. After two decades at Related, Rosso launched his own South Florida development company, Rosso Development.<\/p>\n
Today, he\u2019s developing the $2 billion mixed-use project known as Midtown Park in Miami. \u201cI think it\u2019s a unique opportunity to be able to control five acres in the middle of Miami in a market that is booming and attracting buyers from all over the place,\u201d he says. \u201cThis was a dream come true for a developer like me.\u201d<\/p>\n
Rosso says the high-end project will combine public space with private space and include 120,000 square feet of mixed-use space on the ground floor. \u201cWe\u2019re seeing a lot of prime tenants moving to this area,\u201d he says, adding that large office space users are eyeing the market. \u201cAmazon just signed a 50,000-square-foot lease a block from us, so the timing is right for this project.\u201d<\/p>\n
Midtown Park will include 60,000 square feet of office, 950 luxury residences including penthouses that will be priced from $3.1 million to $5.6 million, retail space, restaurants and a preschool center that can accommodate up to 150 children.<\/p>\n
With all the people and wealth relocating to South Florida, says Rosso, the time is right to invest into luxury projects like this one in Miami. \u201cIt certainly makes a lot of sense to do this development in Miami right now,\u201d he notes. \u201cWe went through and looked at the neighborhoods that we like in Miami. Not only are there things that we like in Miami, but there are also things that we like in New York, Atlanta and other metropolitan areas. We made a list of all the things that we wanted to incorporate. We talked a lot with the neighbors because they were adamant [about] how to design this project.\u201d<\/p>\n
With green space, an amenity-rich padel club, fitness center and other public spaces, Midtown Park will be a unique asset in Miami, says Rosso. This is the third project in Midtown for the Argentina native, and it likely won\u2019t be his last.<\/p>\n
Around Florida, corporate investors are cashing in on what they see as an opportunity to lower their overall tax bill, live and work close to the water and gain access to a rapidly growing talent pool. Florida\u2019s lack of a personal income tax is a huge draw for high-net-worth individuals, but the state\u2019s profoundly pro-business climate is the differentiator when it comes to attracting employers.<\/p>\n
Bye-bye, New York, hello, St. Pete<\/p>\n
Across the peninsula from Miami, several financial services and IT companies have fled high-tax locations elsewhere to set up shop in St. Petersburg. Among them are Dynasty Financial, Webull and SmartChoice LLC.<\/p>\n
Jarrett Wolfe, founder and partner at telecom and internet security firm SmartChoice, says he moved from New York to St. Petersburg to open a regional office in 2021 because it was \u201cthe optimal business location\u201d for the firm.\u00a0<\/p>\n
\u201cSt. Petersburg is one of the top cities in the country that has outpaced population growth over the past 10 years,\u201d he says. He noted other attributes such as \u201cthe low tax environment locally and statewide, a strong business support system and an administration and City Council that are are strongly pro-business.\u201d<\/p>\n
He adds that St. Pete has \u201ca unique mix of visitation, hospitality and a strong business core \u2014 including finance, technology, real estate and other professional services \u2014 and that drives the area\u2019s economic development.\u201d The 28-year-old firm that was named to the Inc. 5000 list in 2016 and 2017 now has 20 employees at 360 Central Avenue in St. Petersburg.<\/p>\n
The movement of companies like SmartChoice and others to St. Petersburg is propelling a wave of real estate development in the downtown area. Over the next five years, St. Pete will add more Class A office space downtown than has been built there in the past 20 years.<\/p>\n
One of Wolfe\u2019s corporate neighbors is Dynasty Financial Partners, a support platform for registered investment advisors. Mason Salit, chief talent officer for Dynasty, says the firm, founded in New York City in 2010, decided to relocate to St. Pete in 2019 for two primary reasons: to save money on real estate costs and to access a qualified talent pool.<\/p>\n
![\"Dynasty](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/05\/_K9A4541_t850.jpg\" "\\"Dynasty")
<\/p>\n
Dynasty Financial Partners is leasing 44,000 square feet at 400 Central in downtown St. Pete.<\/p>\n
File photo<\/p>\n
\u201cWe conducted a national site search. We looked at Charlotte; Nashville; Lexington, Kentucky; Albany, New York; and multiple cities in Florida including Boca Raton, Delray Beach, West Palm Beach and Jupiter,\u201d Salit says. \u201cWhen we had our initial meeting with then-Mayor Rick Kriseman of St. Pete and his economic development team, it was clear that St. Pete by far had it all: the airport, the talent, great universities and colleges and real estate costs that were 20% less than what we were paying in New York.\u201d<\/p>\n
It didn\u2019t take Dynasty long to get up to speed. After hiring 60 new employees last year, the firm is already up to 200 full-time workers in downtown St. Pete<\/a>. Since making the move, the Dynasty network has grown to over 500 advisors across 55 partner firms and has upped its portfolio to more than $120 billion in platform assets.<\/p>\n \u201cThe added bonus is that this is a place where our clients want to come to,\u201d Salit says.<\/p>\n Pretty soon, Dynasty will move into new office space down the street at 400 Central, a 37-story tower that will become the company\u2019s permanent home. \u201cWe\u2019re taking 44,000 square feet there, including 15,000 square feet of rooftop space, in October,\u201d says Salit. \u201cWe signed a long-term lease. We did this because the amount of support we have here is incredible. Covid was a tailwind for us, but the unmatched quality of life that we found in St. Pete, coupled with the fact that Florida is a much more business-friendly state than New York, reinforced that we had found our new home.\u201d<\/p>\n No bull: Webull trades places<\/p>\n Another financial services company finding sure footing in St. Pete is trading firm Webull, which just completed its first year as a publicly traded entity\u00a0<\/a>and recorded $571 million in revenue in 2025, up 46% from 2024.<\/p>\n Carlos Questell, chief of staff and head of strategic partnerships at Webull, recently sat down with me at the company\u2019s new headquarters in the Carillon business park in St. Pete.<\/p>\n \u201cWe\u2019re now the second largest digital trader in the U.S.,\u201d says Questell. \u201cWe\u2019re second only to Robinhood. We moved here three and a half years ago from New York City, and we already have over 150 people working here. We were running out of room in New York. That is an expensive market, so we created a task force to look for a new headquarters home.\u201d<\/p>\n The billion-dollar unicorn considered sites in Atlanta, Charlotte, Raleigh, Austin, Denver, Salt Lake City, Miami, Tampa and St. Pete. \u201cQuality of life is very important to us,\u201d says Questell. \u201cAbout 80% of our people are in their 20s. St. Pete was highlighted very early on in our search. We believe that this area will become the next Austin.\u201d<\/p>\n By moving to Carillon, Webull joins a business park that is home to financial services juggernauts Raymond James and Franklin Templeton. \u201cFlorida is extremely business-friendly,\u201d Questell says. \u201cThe second biggest reason why we moved is talent. With the University of South Florida, University of Tampa and St. Petersburg College, this community is a hub for talent. The beach is 15 minutes away. Tampa International Airport is 20 minutes. This is the best decision we\u2019ve ever made, and we\u2019ve stopped hiring in New York.\u201d<\/p>\n Questell says Webull is so committed to St. Pete that it is not leasing its space. \u201cWe own this 150,000-square-foot building. We occupy two of the three floors. I want to build a place where people want to be,\u201d he says. \u201cThe St. Pete EDC was incredibly helpful. They genuinely want companies to be successful and grow. When we conducted our search, Denver was declining and Atlanta was stuck in traffic. Tampa-St. Pete was very holistic. It turned out to be a plus for recruiting top talent.\u201d<\/p>\n Dynasty\u2019s Salit says he frequently tells counterparts up north to test the Gulf waters for themselves. \u201cCome and talk to me. I have no agenda,\u201d he counsels. \u201cI just want people to be happy. If you want to achieve work-life balance, come to St. Pete and you will be happy.\u201d<\/p>\n Ron Starner<\/p>\n Courtesy image<\/p>\n Ron Starner is executive vice president of Conway Data Inc. and Site Selection magazine. He has been with Conway since 2000 and writes extensively for Site Selection and Conway\u2019s Custom Content Publishing Division. His Twitter handle is @RonStarner. This article originally appeared in Site Selection magazine<\/a>. <\/p>\n \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Fifty years ago, most people associated Florida with Disney World, mobile home parks, retirement communities, shuffleboard courts, shell…\n","protected":false},"author":2,"featured_media":270798,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[202,204,203,199,201,200],"class_list":["post-270797","post","type-post","status-publish","format-standard","has-post-thumbnail","category-st-petersburg","tag-st-pete","tag-st-pete-headlines","tag-st-pete-news","tag-st-petersburg","tag-st-petersburg-headlines","tag-st-petersburg-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/270797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=270797"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/270797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/270798"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=270797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=270797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=270797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Ron](\"https:\/\/media.yourobserver.com\/img\/photos\/2026\/05\/13\/RonS-Headshot_t850.webp?94beabde1e982a4eee8f83697e93b1d92468de7c\" "\\"Ron")
<\/p>\n