Howard Schultz is the latest billionaire to ditch the West Coast for Miami

Howard Schultz, the former Starbucks CEO, is leaving Seattle for Miami. Anna Moneymaker/Getty Images 2026-03-11T15:45:57.480Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Howard Schultz is the latest billionaire to move to Miami. The former Starbucks CEO announced the move the same day Washington's House passed a millionaire's tax. Several tech titans have purchased homes in Miami amid a proposed wealth tax in California. Howard Schultz is the latest billionaire to bite the West Coast dust. Loading audio narration... The former Starbucks CEO — worth $6.6 billion, according to Bloomberg — is leaving Seattle, his home of 44 years, for Miami, he wrote on a LinkedIn post on Tuesday."We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own," he said. Schultz, who transformed Starbucks from a local coffee chain to a global retailer, stepped down as the company's CEO in 2023. Their nonprofit, the Schultz Family Foundation, will continue operating from Seattle, while his family office will relocate to Miami, he said.The announcement came the same day that the Washington state House of Representatives approved a new millionaire tax. The bill proposes a 9.9% tax on household income above $1 million. It still has to pass the state's Senate and be signed into law. Every time Madeline publishes a story, you'll get an alert straight to your inbox! Stay connected to Madeline and get more of their work as it publishes. Sign up By clicking "Sign up", you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Schultz's move follows that of several wealthy Californians who have purchased homes in the Sunshine State.Over the past few months, entities tied to Google cofounders Larry Page and Sergey Brin purchased homes in Miami, spending more than $180 million and $50 million, respectively. This month, Meta CEO Mark Zuckerberg broke Miami records by buying a home on Indian Creek for $170 million. The three centibillionaires purchased their homes amid a proposed wealth tax in California that, if passed, would subject residents with a net worth of more than $1 billion to a one-time 5% tax on their wealth.Luxury real estate in Miami neighborhoods like Indian Creek and Coconut Grove has reached new heights of late, real estate agents recently told Business Insider. "The market ceiling keeps rising," Ana Bozovic, a founder of Analytics Miami, told Business Insider about prime waterfront neighborhoods.She doesn't see it slowing down anytime soon: "The influx of billionaires from California," she said, will likely add to the "escalation of the market." Have a tip? Contact this reporter via email at mberg@businessinsider.com.