Palm Beach has always attracted affluence. But according to the newly released 2025 Henley & Partners World’s Wealthiest Cities Report, what’s happening now is historic.
West Palm Beach ranks among the top 10 fastest-growing wealth hubs globally, with a 112% increase in millionaire residents over the past decade. That trajectory isn’t just impressive—it’s a signal that Palm Beach County is evolving into a year-round magnet for global wealth, innovation, and strategic real estate investment.
A Tale of Two Markets—One Shared Momentum
Palm Beach Island continues to operate at the highest levels of the luxury market, with record-breaking transactions, chronically low inventory, and sustained interest from high-net-worth individuals. The demand is global—and deeply personal. Buyers aren’t just purchasing homes—they’re securing legacy properties in one of the most prestigious enclaves in the country.
Meanwhile, West Palm Beach has emerged as a growth powerhouse. Since the pandemic, the city has welcomed a surge of investors, business owners, and financial firms seeking lifestyle, tax efficiency, and access. This rapid influx has redefined the city’s identity—earning it the title “Wall Street South.”
Inside “Wall Street South”: The Financial Future of West Palm Beach
Over 2,400 financial service firms have relocated to or expanded operations in Palm Beach County in the last five years, including:
- BlackRock
- Citadel
- Elliott Investment Management
- Goldman Sachs
- Greenwich Wealth Management
- Millennium Management
- Point72 Asset Management
- Tudor
- Virtu Financial
These relocations have created over 74,000 high-paying jobs (average salary: $101,829) and injected an estimated $10 billion into the local economy.
Major developments reinforcing the region’s rise include:
- Vanderbilt University is building a $520 million business and technology graduate campus in West Palm Beach. With a focus on AI, data science, real estate, and fintech, the project is expected to generate over $7 billion in economic activity and create 35,000 jobs over the next 25 years. Rendering Below.
- Billionaire developer Stephen Ross' Related Ross is spearheading over 6 million square feet of office, residential, and hospitality space in downtown West Palm Beach—positioning it as a low-density alternative to Manhattan and Miami.
- The newly completed One Flagler tower has become a magnet for elite financial tenants, including Baron Funds, Bessemer Trust, and Paulson Capital.
- Cleveland Clinic has announced a major expansion in West Palm Beach, including a new 150-bed hospital, ambulatory surgery center, and emergency facility to meet demand from new residents and seasonal homeowners alike.
- The $1 billion transformation of the NORA District (North Railroad Avenue) is bringing new life to West Palm’s historic warehouse corridor with creative offices, curated retail, restaurants, and wellness-focused community spaces.
Even the Business Development Board of Palm Beach County has joined the momentum with targeted campaigns aimed at financial centers like New York and Boston. One billboard summed it up:
The Numbers Behind the Momentum
Today, Palm Beach County is home to:
- 11,500+ millionaires
- 78 centi-millionaires ($100M+ in investable assets)
- 10 billionaires, according to Henley
- 68 billionaires with strong residential ties to Palm Beach Island, per Forbes
- 60+ billionaires county-wide, per the Business Development Board
And those numbers likely understate the reality.
What It Means for Real Estate
As someone who works with buyers and sellers across both Palm Beach Island and the West Palm Beach corridor, here’s how I see the impact playing out:
- Demand for luxury real estate is growing—but so is competition. Inventory is constrained, especially in prime waterfront and historic districts.
- Buyers are thinking long-term. Wealth migration is being driven by more than tax savings—quality of life, healthcare access, education, and economic diversification all factor in.
- West Palm Beach is becoming a strategic investment hub. With institutional momentum and infrastructure upgrades, it’s attracting everyone from tech entrepreneurs to hedge fund executives.
And amid global uncertainty—tariffs, inflation volatility, political change—Palm Beach remains a rare blend of security, beauty, and economic strength.
Final Takeaway
The Palm Beach luxury market isn’t just holding its value—it’s becoming a focal point for global wealth and domestic relocation. Whether you're planning a long-term move, exploring a legacy home, or simply watching the market with interest, now is the time to understand your options in a market that's evolving rapidly.
Want to make your move before the next wave hits?
I guide clients through the Palm Beach luxury market with discretion, data, and unparalleled local access. From Palm Beach Island to West Palm Beach and beyond, I help you move with clarity and confidence—on your timeline, and on your terms.
Nadine Fite
Luxury Real Estate Specialist | Palm Beach
📩 [email protected] | 📞 917.513.9592
#LivePalmBeach #WallStreetSouth
