Florida’s rise as a magnet for wealth, business and culture shows no signs of slowing.
From luxury yachts to fine dining and world-class real estate, the Sunshine State’s blend of open economic policies, no state income tax and year-round sunshine continues to lure both entrepreneurs and investors — and top leaders say it’s only the beginning.
“What we see is that more and more people are looking for this lifestyle, and when you cater to the demand, you’re usually very successful,” Naftali Group Chairman and CEO Miki Naftali told Fox News Digital from the Fort Lauderdale International Boat Show earlier this month.
“They visit, they stay, they see that business is good and then they can create their office here,” Informa Markets President of U.S. Boat Shows Andrew Doole also said. “And I think we’ve seen a lot of corporations in the three big cities – Miami, Fort Lauderdale, West Palm Beach – investing in South Florida.”
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“We’re coast to coast, restaurants all over the United States from Beverly Hills to New York City, but 25% of our business now is in South Florida,” restaurateur Cameron Mitchell added. “We’re making a considerable investment in South Florida, and we’ll continue to do that. If I [had] it my way – I joke, but I’m halfway serious – if I could just build restaurants in Florida, that’d be great.”
From 2019 to 2024, Florida’s real gross domestic product (GDP) rose more than 21%, about double the 11% real GDP growth the nation saw during that same time period, according to the governor’s office.
U.S. Bureau of Labor Statistics data also shows that Florida had a net gain of 503 business firms relocating to the state in 2023 – the highest of any U.S. state. That same year, the Florida Chamber of Commerce reported Florida’s net income migration was about $36.1 billion annually – roughly three times higher than the next-closest state, Texas.
The positive economic environment mixed with sunshine and coastlines continues to draw people and businesses to Fort Lauderdale and greater South Florida — not just to visit, but to build their lives and investments, the business leaders argue.
“Everybody knows there’s a huge push coming out of New York, coming down here, and who knows what will happen with the election after that,” Mitchell, who owns the local upscale Ocean Prime and Del Mar restaurants, said. “We are excited about being here. We think it’s the epicenter … ground zero, and just starting to really explode and will continue to explode going forward.”
“There’s been a huge shift of wealth to South Florida since COVID, obviously. Miami, Fort Lauderdale and West Palm Beach, a lot of businesses have moved, a lot of individuals have moved and they’ve not just moved from the Northeast, they’ve moved from California,” Doole said, while noting low taxes, favorable regulation and a year-round boating season.
“We’ve got yachts from all over the world here, and we’ve [got] companies exhibiting from all over,” he continued, “they visit here, and they think perhaps they should have an office here. And so that happens more often.”
“I think the big shift is that it’s becoming the primary residence for many, many people, and again, the entire package is here,” Naftali said. “There’s a lot of opportunities to walk here, some people are working remote … A lot of companies [are] moving to South Florida. The tax structure here is absolutely favorable, the lifestyle … People can feel very comfortable to have everything that they want here.”
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As migration accelerates and money pours in, the question becomes not whether Florida can sustain the momentum, but how its business, cultural and economic landscape is transforming as a result. And according to the leaders shaping that evolution, the forces drawing people south are now reshaping the state from the ground up.
“There is a special energy and there is so much wealth that was kind of being created in the last few years, and people are just looking where to smartly spend money.”
“It’s a year-round market now. It’s not just six months out of the year. You know, you go from zero to 60, it’s much more spread out,” Mitchell said. “The whole market in general, the density down here in Florida, it’s just really strong. And then the labor market is very strong down here too, so not only are affluent people moving down here like crazy, people are coming down here to make their careers.”
“I think that South Florida [will just] continue to grow, with more and more people, with more and more money that is being invested here,” Naftali added. “For [home]buyers and investors, it’s all about, where are the opportunities and do I have a lot of inventory to choose from? … The bottom line is, demand is here, demand will continue to grow here, and I think it’s going to be a great story.”
“It’s the excitement of doing the shows and bringing something different,” Doole said, “and the economic impact [that] the shows have on the communities and what they do and how they affect people’s lives … it’s not just the marine business.”
All the momentum — the migration, the capital, the construction cranes — points to something deeper than a boom cycle. To many like Doole, Mitchell and Naftali, South Florida represents a future built on freedom, flexibility and an open-door economic climate where people feel empowered to build the lives and businesses they want.
“Our long-term vision is to continue to build our business here. I would think our business would probably double here in the next five years across the Florida platform. There’s so many opportunities here for us to find,” Mitchell said.
“We feel very strongly about supporting the markets in which we do business, and we want to be good citizens in those markets.”
“I spend my time in South Florida, it’s just unbelievable… You know, it is almost a point that you feel the freedom here,” Naftali reflected. “I’m very happy to be part, even if it’s a small part, of the story of South Florida and the expansion.”
“There is a special energy and there is so much wealth that was kind of being created in the last few years, and people are just looking where to smartly spend money. And it’s just great being here as part of the story.”
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