58 Billionaires Call ‘Billionaire’s Beach’ Home, Including Griffin and Trump
Florida’s Palm Beach is a notable destination for the ultra-wealthy, earning the nickname “Billionaire’s Beach.” This exclusive area is home to approximately 67 billionaires, drawn by its pristine beaches, luxurious homes, and favorable tax laws.
Wealth Among Palms: The Billionaires of Palm Beach
Palm Beach boasts a remarkable concentration of wealth, with the combined net worth of its richest residents estimated at $494.7 billion in 2024. This figure reflects data from Forbes and highlights the area’s tremendous appeal to the wealthy.
Notable Billionaires in Palm Beach
- 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
Among these billionaires is Kenneth Griffin, CEO of Citadel. He plans to develop a $1 billion estate in Palm Beach, significantly raising the bar for luxury real estate in the area. In 2023, Griffin purchased around 20 acres of land and intends to invest between $150 million and $400 million on construction. This estate is expected to be one of the most expensive homes globally.
Real Estate Trends in Billionaire’s Beach
The properties in Palm Beach are characterized by their luxurious amenities. Prices for homes commonly reach staggering amounts—some listings approach $51.4 million, with a notable 8-bedroom, 15-bathroom home listed at $79.5 million.
- Record sale: Larry Ellison purchased a $173 million estate in Manalapan, setting a Florida record.
- 2023 saw 84 residences sold for over $10 million each.
Tax Benefits and Community Appeal
Another factor contributing to the prominence of Palm Beach among billionaires is its tax structure. Florida is one of the nine states in the U.S. without an income tax. This absence of income tax encourages both individuals and businesses to settle in the area.
Living next to fellow billionaires is an attractive prospect for those investing in Palm Beach real estate. Notable neighbors include Julia Koch and her family, Stephen Schwarzman, and Abigail Johnson, all of whom bolster the area’s reputation as a hub for the wealthiest individuals in the world.
