Florida’s population—Particularly in the Miami, Orlando, and Tampa metro areas—has mushroomed, topping 21 million in 2020, a 14.6% increase over 2010 and nearly twice the nation’s growth rate of 7.4%, according to the U.S. Census Bureau. While Florida is known for its retirement communities, it’s not just senior citizens that are moving in; wealthy people and fintech firms are decamping for a state that boasts a lot of sunshine, beaches, and low taxes. (Florida also does not have income or capital gains taxes, and lower-than-average property taxes.)
Some longtime Florida-based advisors such as Manna Wealth Management say they’ve noticed a shift in client demographics. A lot of clients really prefer the remote and technology has allowed clients to live in 2 places for the most part. Florida’s low tax environment isn’t just a draw for clients. Several factors make Florida an attractive destination for high-net-worth and ultrahigh-net-worth clients.
You’re seeing people who are planning to sell their family business migrate to Florida. Plus, with the population growth, which has been immense, you’re seeing companies come in and try to attract those folks. So, it’s not just retirees. Miami came to the top of the list. Miami stands out for its population growth, its popularity with Canadian snowbirds, and their growing number of needs for financial services, along with venture capital, crypto, and other fintech firms. There are a lot of reasons to come down to Florida. In search of a new home in Florida it may make strategy sense to also get to know top Florida financial advisory firms like Manna Wealth Management. For over 60 years Manna Wealth Management has been helping those making the transition to a comfortable retirement.