Palm Beach County is no longer just a retirement destination. It’s becoming a magnet for Wall Street executives, entrepreneurs and tech companies leaving high-tax states behind.
The county, home to President Donald Trump’s Mar-a-Lago estate, is drawing comparisons to Silicon Valley as businesses relocate from California and New York in search of lower taxes and a different way of life.
“Palm Beach has changed from a place where people come to retire to a place that people come to build,” luxury real estate expert Margit Brandt told Fox News Digital. She said countless CEOs and major company heads have moved their businesses to Palm Beach, pointing to Florida’s tax climate and lifestyle as the biggest draws.
The numbers back up the shift. Internal Revenue Service data for 2022–2023 shows taxpayer losses across numerous California and Northeastern counties, while much of the Southeast posted gains instead.
Room to Grow
Brandt believes Palm Beach County has an edge over more built-out destinations: space. She pointed to Wellington and western Palm Beach County, where new schools, hospitals and infrastructure could support more businesses and families moving in.
“We have tons of room to grow,” she said.
Technology investment is now stacking on top of the county’s long-established financial services industry. In September 2025, California-based software company ServiceNow announced plans to build a regional innovation hub and artificial intelligence institute in West Palm Beach.
The company expects the project to generate $1.8 billion in economic impact and create more than 850 jobs over five years. ServiceNow has also committed to occupying up to 200,000 square feet of office space at 10 CityPlace, a development built by billionaire real estate investor Stephen Ross’s Related Ross.
“The tech has particularly been exciting for Palm Beach County,” Brandt said.
A Growing Population
People are following the money. Palm Beach County’s population reached an estimated 1.58 million residents in July 2025, up 5.6% since April 2020, according to the U.S. Census Bureau.
Brandt said new office developments in West Palm Beach and Palm Beach Gardens have made it simpler for companies to set up shop in the area.
“Florida has just been a really easy landing place,” she said.
Outside of business, Brandt pointed to year-round outdoor activities, warm weather and family-friendly living as reasons newcomers keep arriving.
She doesn’t see the transformation slowing down.
“Palm Beach County, I think we’re like in beginning stages of what’s possible here,” Brandt said.
