Florida has become the mecca of America’s wealthiest—with many of the world’s richest individuals flocking to one oceanside town, dubbed “Billionaire’s Beach,” where you can rub shoulders with the likes of Ken Griffin and Donald Trump.
Palm Beach is estimated to be home to a staggering 67 billionaires, drawn to crystal blue waters, Mediterranean-style mega mansions with unparalleled privacy, and Rodeo Drive–worthy shopping.
Many of the richest own property on South Ocean Boulevard—a famous street part of “Billionaire’s Row,” lined with towering palm trees and pristine beaches. Properties for sale cost an arm and a leg, with some charging $51.4 million or $37.7 million for an in on the exclusive neighborhood.
One 8-bedroom, 15-bathroom listing is even up for $79.5 million.
But Griffin, the CEO of Citadel, wants to shatter all those numbers.
The American hedge fund manager, worth $48.3 billion, has his sights set on constructing a $1 billion property in Palm Beach. In 2023, he bought about 20 acres of prime real estate in the area, and plans are still underway to spend anywhere from $150 million to $400 million on constructing his dream house—and it’s expected to be one of the priciest homes on the planet when complete.
It’s just a quarter mile south of President Trump’s sprawling 126-room, 62,500-square-foot Mar-a-Lago estate.
10 of the richest residents of Palm Beach
Net worths are based on the most recent data from the Bloomberg Billionaires Index.
- Thomas Peterffy, $87.6 billion
- Julia Koch and family, $79.8 billion
- Stephen Schwarzman, $55.6 billion
- Kenneth Griffin, $48.3 billion
- Abigail Johnson, $46.6 billion
- Thomas Frist Jr., $40.9 billion
- Dan Gilbert, $40.8 billion
- Gina Rinehart, $39.1 billion
- David Tepper, $23.4 billion
- Henry Kravis, $19.3 billion
Like birds of a feather, billionaires tend to flock together. It’s estimated the combined net worth of Palm Beach’s richest residents totaled an eye-watering $494.7 billion in 2024, according to analysis of Forbes data by the Palm Beach Daily News.
Aside from the temperate climate, private beaches, stunning views, and luxury real estate, the Florida town attracts the world’s wealthiest for its tax breaks. Most notably, Florida is one of the nine U.S. states with no income tax—meaning residents and companies don’t have to cough up taxes on their wages, salaries, or business profits.
Plus, flocking to Florida is not just an investment for billionaires’ pockets—a part of the appeal of buying a mega mansion on Palm Beach is sharing a zip code with some of the world’s one percent.
Your ultra-wealthy neighbors could include Koch Industries’ Julia Koch and her family, worth $79.8 billion; Stephen Schwarzman, the Blackstone CEO boasting a $53.6 billion net worth; or Fidelity CEO Abigail Johnson, who has amassed a $46.6 billion empire, to name a few.
After Estée Lauder bought out his brand for $2.8 billion, fashion A-lister Tom Ford forked over $51 million for a home in the area in 2022. One year later, 84 others bought properties worth over $10 million in Palm Beach during 2023.
And if Palm Beach’s billionaires aren’t enough company, then just drive 10 miles south to Manalapan, where Oracle cofounder Larry Ellison just set a Florida record for the purchase of a $173 million estate spanning 16 acres.
A version of this story originally published on Fortune.com on March 25, 2025.
More on luxury housing:
- In a frozen luxury housing market, buyers are asking to ‘try before they buy’ and having sleepovers in multimillion-dollar mansions
- ‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore
- The ultra-wealthy expect hotel-level amenities for their homes—and developers are racing to keep up