From Retreat to Residence: Why Billionaires Flock to Palm Beach County
Once a seasonal hideaway, the area is now a year-round, bustling destination for the ultra-wealthy.
Palm Beach County has long been synonymous with luxury, exclusivity and a prestigious coastal lifestyle. Over the past few years, the region has undergone a dramatic transformation, evolving from a seasonal retreat to a year-round hub for ultra-high-net-worth individuals. The shift has been driven by an influx of affluent buyers and high-profile business leaders, who have reshaped the county’s real estate landscape, economy and overall appeal.
The relocation of elite finance professionals and their companies to Palm Beach County has had a major impact. Global investment powerhouses like BlackRock, Goldman Sachs and Citadel have moved to or expanded their presence in South Florida, giving the region a new nickname: the Wall Street of the South.
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Amid this inflow of wealth, demand for luxury residences for executives and entrepreneurs that relocate to the area is through the roof, with developers constantly searching for the best sites to build yet another high-end community.
“The general trend of clients in the luxury market is to move north as quality parcels are getting more and more scarce,” Forté Development Founder & CEO Marius Fortelni told Multi-Housing News. “Palm Beach County is seeing an influx of clients and capital that is changing the entire area and is creating probably the very best in a lifestyle community anywhere in the U.S.”
A plethora of luxury developments
Today, multiple waterfront estates, private enclaves and high-end condominiums are being erected across Palm Beach County to cater to the highly sophisticated tastes of the ultra-wealthy looking to put down roots in the area.
In Jupiter, Fla., Forté Development is setting a new standard in terms of luxury waterfront living. The company’s Forté Luxe development is currently under construction, and when completed later this year, it is set to bring online a total of 17 residences, all exposed to the water and with unobstructed views. Prices for these ultra luxurious condominiums range between $4.4 million and $8 million.
Similarly, in Boca Raton, Fla., El-Ad National Properties’ ALINA Residences is attracting high-net-worth and ultra-high-net-worth individuals with its blend of privacy, wellness amenities and proximity to elite business hubs. ALINA encompasses three nine-story buildings: ALINA 200—which includes 121 sold-out residences—ALINA 210 with 30 completed residences, and ALINA 220, a 152-unit building that recently received its temporary certificate of occupancy. Prices for these residences start from approximately $4 million and can get as high as $10 million, with floorplans ranging from 1,400 to 5,400 square feet.
“As luxury buyers plan to spend more time here, we’ve seen a trend toward purchasing larger residences,” said El-Ad National Properties Vice President of Sales & Marketing Candace Jorritsma. “Today’s buyers are not the traditional ‘snowbirds’ who only come down for season.”
The expanding business community enhances Boca’s growing reputation as a year-round city, particularly as the average age in the city—48 years old—continues to drop as more full-time residents choose to live here, from young families to business professionals.
All these buyers’ are looking for modern luxury, so Boca Raton is embracing a new era of high-end architectural design. Glass House Boca Raton—a 28-residence project expected to break ground this week—is set to become the first modern glass building in the city under updated downtown regulations. The nine-story development is slated for completion in 2027, with prices for the two- to four-bedroom residences starting from $2.6 million and going as high as $7 million. Plans also call for rooftop amenities to include a pool, private cabanas, an outdoor catering kitchen with a barbecue, and a lounge with a fire pit, all with ocean and golf course views.
“Glass House tries to address the needs of such buyers by first offering a luxury condo that focuses on privacy from the entry to the private elevators, to the size of the building,” said Noam Ziv, CEO & partner of 280 E Palmetto Park Road, the developer behind the project.
Ziv believes that Boca Raton is modernizing its architecture to compete with major metropolitan areas like West Palm Beach, Fort Lauderdale and Miami.
Palm Beach County is the playground of the elite
High-profile figures such as the U.S. President Donald Trump, who owns Mar-a-Lago, and rumors of Elon Musk investing in Palm Beach County real estate have further fueled interest in the area.
“The trend to move to Palm Beach County has been happening for years…and now we see a ‘Trump bump’ that continues to fuel the desire to live in Palm Beach County,” said Ziv.
The advantage of Boca Raton is that residents won’t experience daily disruptions when the President travels to and from the airport or around town, according to Ziv. However, they will still benefit from the increased attention and interest in Palm Beach County, as well as from visitors and those who want to be near Mar-a-Lago.
Data from the Miami Association of Realtors already shows that Palm Beach County has seen a surge in $1 million and up sales, according to Jorritsma, who also noted that Palm Beach luxury real estate is one of the most robust and in-demand markets in the U.S., with median price appreciation surpassing both state and national trends. More than half of these sales were all-cash transactions, twice the national average.
But Palm Beach County’s unparalleled lifestyle is attracting the world’s elite beyond real estate. The area boasts world-class golf courses, yachting destinations and a thriving cultural scene. Private clubs, such as The Boca Raton and the Palm Beach Yacht Club, provide an exclusive social network for the affluent.
A future defined by opulence, exclusivity
The Palm Beaches have become, and will continue to be, a major financial and power hub, attracting talent and capital eager to be near the epicenter of decision-making for the U.S. and the world, according to Fortelni. “This trend is ongoing and will only grow in the months and years to come.”
With an increasing number of high-net-worth individuals calling Palm Beach County home, the region is set for continued growth and transformation as developers’ projects push the boundaries of luxury to ensure the county remains at the forefront of high-end living.
From waterfront retreats in Jupiter to sleek modern residences in Boca Raton, Palm Beach County is only going to cement its reputation as the ultimate address for the ultra-wealthy.
