Howard Schultz Relocates Family Office to Miami, Buys $44M Beachfront Penthouse
Former Starbucks CEO Howard Schultz has relocated to Miami with his family office and purchased a $44 million beachfront penthouse as Washington State’s House approved a new 1% income tax on earnings above $1 million. His move underscores growing executive migration driven by state tax divergences.
1. Schultz Relocates to Miami
Howard Schultz has purchased a $44 million beachfront penthouse in Miami and relocated both his family and his family office there after decades in Seattle.
2. Washington Millionaires Tax Advances
Washington State’s House passed legislation imposing a 1% income tax on households earning over $1 million, with Senate approval and the governor’s signature expected imminently.
3. Broader Executive Migration Trend
Schultz joins a growing list of high-profile executives, including Silicon Valley founders, moving to low-tax states, highlighting intensified state tax competition for wealthy residents.