A new wave of ultra-wealthy individuals, led by tech industry titans, is reshaping Miami's luxury real estate market. Google co-founder Larry Page recently finalized purchases of three properties totaling over $180 million, signaling a growing trend of billionaires relocating from states like California.
This migration is contributing to a dramatic escalation in property values, particularly for exclusive waterfront homes, as Florida's favorable tax policies become a major draw for the nation's wealthiest residents.
Key Takeaways
- Google co-founder Larry Page has spent more than $180 million on three properties in Miami's Coconut Grove neighborhood.
- A proposed wealth tax in California is a significant factor driving billionaires to relocate to Florida, which has no state income tax.
- The number of homes sold for over $30 million in Miami-Dade County increased by 1,800% between 2018 and 2025.
- The influx of wealth is fueling efforts to build Miami into a major hub for technology and finance, moving beyond its reputation as just a vacation destination.
The California Exodus Heats Up Miami
Real estate agents in South Florida are experiencing an unprecedented surge in inquiries from some of the wealthiest individuals in the United States. Saddy Abaunza Delgado, a luxury real estate professional with three decades of experience, noted a significant shift in her clientele.
"I got a flurry of requests and inquiries," Delgado said, describing the start of the year as the busiest she has ever seen. She explained that her calls are increasingly from tech and finance billionaires looking to make nine-figure investments in Miami property.
The primary driver behind this trend is a proposed "Billionaire Tax Act" in California. The measure, which would impose a substantial one-time tax on residents worth over $1 billion, has prompted many to establish residency elsewhere. Florida, with its 0% state income tax and limited business regulations, has become the destination of choice.
"The Californians were never really a target market for us," Delgado added. "But now, because of all the political situations and all the tax laws, it's just coming in our favor."
Record-Breaking Sales and Soaring Values
The impact of this billionaire migration on the local real estate market is stark. Data shows a monumental increase in high-value transactions. In 2018, only one single-family home was sold for over $30 million in Miami-Dade County. By 2025, that number had jumped to 19, representing an 1,800% increase.
Market Transformation
Before 2020, the sale of an empty lot for $100 million was unheard of in Miami. Now, such prices are becoming a reality for prime waterfront land as scarcity and demand collide.
Larry Page's recent acquisition of three properties in Coconut Grove for over $180 million has set a new benchmark. He is not alone. His Google co-founder, Sergey Brin, is reportedly close to purchasing a $50 million waterfront estate on Allison Island. Meta CEO Mark Zuckerberg is also said to be exploring property options on the exclusive Indian Creek island, often called the "billionaire bunker."
Ana Bozovic, founder of the research firm Analytics Miami, emphasized the role of scarcity. "The prime single-family waterfront areas, like Star Island, Indian Creek, and the Venetian Islands... that's prime scarcity," she said. Bozovic anticipates that the influx of California billionaires will only add to the "escalation of the market."
Building a New Financial Hub
This latest wave of migration is distinct from previous ones. While Miami has long attracted wealthy individuals from the Northeast and financial centers like Chicago, the arrival of tech's biggest names signifies a new chapter. This follows the path paved by finance leaders like Citadel's Ken Griffin, who moved both his family and his company headquarters to the city.
Ambition Accelerated Initiative
To support this growth, a new initiative called "Ambition Accelerated" has been launched. Backed by a combined $10 million from Ken Griffin and developer Stephen Ross, the program aims to attract top-tier talent and companies to Florida's "Gold Coast," the region stretching from Miami to Palm Beach.
The goal is to build the sophisticated infrastructure necessary to support this level of wealth. "Wealthy people like to have access to really good financial advice; they want to have access to good legal advice," explained Liam Bailey, the global head of research at Knight Frank.
Mike Simas, CEO of the Florida Council of 100 which runs the initiative, highlighted the state's business-friendly environment as a key selling point. "You've got a partner in government for your growth rather than a government that's trying to cap that success with regulation or tax," Simas stated.
More Than Just Sunshine and Mansions
Agents note that today's buyers are looking for more than just good weather. They are drawn by a city that is rapidly maturing. "Miami has never been as sophisticated and as diverse as it is in 2026, and the level of wealth moving here is making Miami level up," said Douglas Elliman agent Dina Goldentayer.
The development of new private schools and advanced healthcare facilities, such as a Cleveland Clinic branch in West Palm Beach, are key components of this evolution. The city is actively working to transform itself from a tourist hotspot into a global center for business and technology.
However, experts caution that this transformation is still in its early stages. "Even if compared to the size of the financial cluster in New York, it's tiny, and the tech cluster in California, it's tiny," said Liam Bailey. "What's going on at the moment, in Miami, is embryonic."
Despite this, the continued arrival of influential billionaires and their capital is accelerating Miami's development. As more high-profile figures put down roots, the city's ambition to become the next Wall Street or Silicon Valley moves closer to reality.
