This Florida City is Attracting Millionaires at a Fast Rate

There are certain areas of the country to which millionaires flock, and two areas of Florida are attracting millionaires. When you think of the cities with the most millionaires, maybe expensive suburbs come to mind, or cities such as the Big Apple. But, that's not always the case. In addition, the trend right now is millionaires are on the move, leaving the usual spots they reside and venturing elsewhere.

A new USA Wealth Report 2024 published by Henley & Partners looking into moving trends of people who are millionaires. The report notes that while traditional cities where you would find millionaires, such as New York City or Los Angeles, are still popular with the wealthy, that is changing. They add that a "millionaire migration" is happening. In fact, none of those popular cities are listed as the areas that are most attracting millionaires on their report. The report states that America is where you'll find some of the world's fastest growing cities for millionaires. "Many of these cities are benefiting from America’s tech boom, while others are popular retirement destinations," they state. "Some such as those in Florida and Texas also offer low state taxes."

Before we get to Florida, let's look at the city in America that's attracting millionaires at the highest rate. It's Austin, Texas. The report states that Austin has enjoyed massive millionaire growth of 110% over the past decade. They also say that thanks to its fast-growing tech sector, Austin is often called "Silicon Hills." They add, "Several major tech companies have moved their headquarters to the city over the past few years, most notably Tesla and Oracle." So, Austin is king. Coming in at No. 2 on the tally is Scottsdale, Arizona. It's had a growth of 102% in the past 10 years. So, both of those areas are drawing the most new millionaires.

Florida is right behind them at No. 3. Palm Beach and West Palm Beach are hot when it comes to drawling millionaires. The reason isn't tech, though, or even jobs. It's retirement. "South Florida’s Palm Beach and West Palm Beach are increasingly popular retirement hotspots for New York and California millionaires, with wealth growth of 93% over the past decade," Henley & Partners states. "Furthermore, a large number of affluent individuals are choosing to live and operate from this area post-Covid, especially those in the fund management and entertainment sectors." It's also worth noting that New York City is still the richest city in the world with the most millionaires.

Florida has some amazing hotels, some of the best hotels in the USA, and I have been to many of them. Here in Estero I stayed at the Coconut Point Hyatt. In Naples I've been at both Ritz Carltons. The Seminole Casino Hotel in Immokalee has suites on the top floor that are just amazing.

Outside of Southwest Florida, my favorite in Orlando is The Animal Kingdom Lodge at Disney. The place is so amazing you'll not even care if you make it to the park. I've stayed at the legendary Fontainebleau on Miami's South Beach, but I'd put them second behind the Junior Suites at W South Beach. That felt more like a luxury apartment that it did a hotel room.

So did any of those hotels make the top 25? No, they did not. Not that they aren't amazing in every way, but Florida is just on top of things when it comes to luxury accommodations. That's why they show up so often on these lists.  As Zach Watson, senior travel editor at U.S. News states "The 2024 Best Hotels rankings offer travelers dependable options to stay for every type of trip, balancing location, amenities and quality service to ensure an enjoyable experience."

For the second year in a row, Acqualina Resort & Residences in Sunny Isles Beach, Florida, takes the No. 1 spot, setting itself apart with its oceanfront pools, memorable dining and Mediterranean-inspired decor. The beautiful hotel is located on 4.5 beachfront acres in Miami’s Sunny Isles Beach. If you're planning on a stay, maybe check your finances first. The best price I could find for 2 adults was $1,599 a night. That's for a room that doesn't even face the ocean, but, as the website states, breakfast is included. Ok, I'm going to back off on judging that price too soon. The breakfast does look absolutely amazing.

Plus, I took a look ahead to see how much number 2 on the list is charging.

The Four Seasons Hotel at The Surf Club in Surfside, Florida. A legendary Miami Beach-area hotel that offers guests stellar service and unique experiences at its world-class spa ranks No. 2. Now keep in mind, we are in full season here in Florida. These are going to be some of the most expensive rates of the year. That being said, I found an oceanfront room on booking.com for $2,720 a night. That view is incredible.

Always mentioned as one of the best hotels in the country, this Orlando resort takes the number 7 spot. Perhaps what's bringing it down a notch is the construction of a residential development nearby. I did see a "construction discount" on the price, so they're definitely aware of it. It's still a Four Seasons hotel, and it's still amazing.

Rounding out the top 10 of the list is the Faena Hotel. US News states "Rooms are decorated in a modern, South American style and come outfitted with sleek wooden furnishings and colorful accents." I did find a room for $1,140 a night, but spring for the extra and get the ocean view and a balcony. Because of the hotel's location, rates will also fluctuate based on events in the area. 

The Setai Miami Beach finds itself at number 11 on the list. If you enjoy the water, you're in luck. The hotel is not just on Miami Beach, but boasts three on-site infinity pools. I did find a room for $1,080 a night, but expect double that rate if you want the ocean view. This is the ocean view.

Down a few spots, to number 17, is The St. Regis Bal Harbour Resort. This resort, 10 miles north of South Beach has amazing views of the Atlantic Ocean. And being a Marriott hotel, likely boast some of the cool tech like the W South Beach has like automated controls of the lights, blinds, and thermostat. Best price I could find was $1,299 a night but if you know someone who works for Marriott, ask them about the hotel's "friends and family" discount. 

Finishing up their top 25 list, at number 25, is The Breakers Palm Beach, an Italian Renaissance-style resort on the coast. if you're looking for an active stay, this is where you'll find it. Two golf courses, four pools, and 10 Har-Tru tennis courts. If you'd rather relax, they have a private beach. So, if you want a top notch resort hotel on the Atlantic, but don't want Miami, here it is. There's also a lot of history, here. I did see Booking.com have a room for $1,290 a night. But again, I'm writing this in February, when rates are usually the highest. 

The full list of 25 can be found here.