Howard Schultz, the billionaire former CEO of Starbucks, has relocated to Miami after more than 40 years in Seattle, bringing his family office with him.
In a LinkedIn post, Schultz, 72, described the move as part of a new chapter with his wife, Sheri. He noted that after decades focused on building Starbucks and raising a family, they have recently spent time travelling globally and are now settling in Miami for their next phase.
While his philanthropic foundation will remain in Seattle under the leadership of Vivek Varma, Schultz confirmed that his family office will move to Florida.
According to reports, Schultz has purchased a penthouse at the Surf Club, Four Seasons Private Residences for $44 million. The beachfront property spans approximately 5,500 square feet and had previously been listed at $55 million.
His relocation reflects a broader trend. Since the pandemic, Miami has attracted a growing number of ultra-wealthy individuals, family offices, and financial firms, drawn by favourable tax policies, a business-friendly environment, and lifestyle appeal. Major firms such as Citadel have already established a presence, with technology companies including Apple and Amazon also expanding operations in the region.
Schultz indicated that proximity to his children on the East Coast also influenced the move. At the same time, he expressed appreciation for Seattle, highlighting its role in shaping Starbucks’ culture and long-term success.
The timing coincides with proposed tax changes in Washington state, including a new levy on high-income households earning over $1 million. Supporters argue the measure would reduce reliance on regressive sales taxes, while critics warn it could weaken the state’s business environment.
Meanwhile, Florida continues to position itself as an attractive destination for wealth, with no state income tax and ongoing discussions around reducing property taxes. The state has also seen increased activity from technology billionaires, with high-profile property acquisitions in Miami further reinforcing its status as a hub for wealth migration.
