The number of millionaires in Palm Beach and West Palm Beach combined grew 93% in the decade through 2023, making it the third largest increase in the U.S. behind Austin and Scottsdale. This dramatic shift highlights the area becoming a new hotspot for the nation's wealth, particularly attracting individuals seeking warmer climates and favorable tax conditions.
"It almost overnight became an extension of the old Palm Beach," said local tour guide Rick Rose, who mentioned that he doubled the number of homes managed for investors in recent years, underscoring the significant transformation occurring in the market due to a surge in upscale demand.
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