This Florida Town Is Home To More Millionaires Than Anywhere Else In The State (And The Homes Prove It)

Estate agents are quick to recommend you buy the least impressive house in the most impressive neighborhood — a strategy that could yield a stronger return on investment in the long run. After all, location has always been the most important factor when investing in property. And, with more millionaires and million-dollar homes than anywhere else in the state, Palm Springs is Florida's golden address. According to a study undertaken by GoBankingRates, the barrier island of Palm Beach tops the state's wealth charts, boasting an average household income of $356,467 and home value of $10.2 million. Located around 72 miles north of Miami and 46 miles from Fort Lauderdale, Palm Beach is considered Florida's pinnacle of prime real estate. We're talking stately manors with sprawling gardens and private docks, tennis courts and Olympic-sized pools, and homes with guest houses that would typically require their own mortgage.

While locals might shudder at the term "suburb," Palm Beach ranks as the 13th-wealthiest suburb in the entire country. To put things into perspective, Florida's second most expensive suburb is Pinecrest, just south of Miami, where a typical home is valued at $2.4 million. That is almost four times less than the average home in Palm Beach. Additionally, Palm Beach home values have actually decreased by 2.3% in the past year, dropping from $10.5 million in 2024 to $10.2 million in 2025.

The research was conducted by collecting household income data from all of Florida's cities with more than 5,000 households. The results revealed that most of the state's wealthiest families and individuals live in and around Miami, Fort Lauderdale, and Pompano Beach — three adjacent South Florida cities along the state's iconic Gold Coast.

Another interesting study conducted by Henley and Partners found that West Palm Beach has seen a 112% increase in millionaire residents between 2014 and 2024. This was largely driven by high-net-worth individuals relocating from New York and California, most of which occurred during the COVID-19 pandemic, when the promise of lower state taxes lured in wealthy newcomers with pre-established incomes. After all, technology and tax incentives have always been key to creating and maintaining wealth. Coupled with year-round sunshine and top-tier service, Palm Beach quickly cemented its status as a billionaire favorite. As a result, it is now home to 11,500 millionaires, 78 centimillionaires, and 10 billionaire residents. 

Geographically speaking, there is a clear reason for Palm Beach's high property values. Perched on a narrow outer bank island, and separated from West Palm Beach — recently crowned America's most trending destination for 2025 — by the Lake Worth Lagoon, limited land means limited housing. Add to that the diversity of homes and houses on offer. Modest condominiums, apartments, and decently-priced single-family homes share zip codes with beachfront estates and mansions valued at over $100 million. For example, an oceanfront estate at 589 North County Road sold for $170 million in April 2023. Just a handful of these mega-properties can skyrocket the average home price.

On a national level, the country's two wealthiest suburbs are both in New York, the state with a record-setting millionaire count. Interestingly enough, GoBankingRates' wealthiest-ranking suburb of Scarsdale, New York, has an average household income of $601,193, yet an average home value of $1.2 million — 8.5 times less than the average Palm Springs home. Clearly, income and household value don't relate to one another as directly as one might think.