Key facts
- 23 New York-registered family offices moved their principal address to Florida in Q2 2026.
- Florida has become a significant hub for family offices, with 347 now listing it as their principal place of business.
- Tax efficiency, including zero state income tax and favorable estate statutes, is a major draw for relocating family offices.
- Policy uncertainty in New York, such as potential tax increases and rent control discussions, is contributing to the migration.
- New York remains the leading state with 412 family offices, but Florida is rapidly closing the gap.
Miami is experiencing a significant influx of family offices, a trend that has evolved from a pandemic-era movement into a sustained structural shift. In the second quarter of 2026 alone, 23 family offices registered in New York formally changed their principal address to Florida. This migration is further bolstered by three new satellite office launches in Florida during the final week of June 2026, including additions by Rockefeller Global Family Office, Taft Law, and Charter Capital.
Altss, a firm that tracks these relocations, reported that Florida now serves as the principal place of business for 347 family offices, a notable increase from 289 in June 2025 and 212 in June 2024. While New York still leads with 412 family offices, the gap is narrowing by approximately 25 offices per year.
The primary driver for this southward migration remains tax efficiency. The absence of state income tax in Florida offers substantial savings, estimated at $4.5 million annually for a family office managing $500 million in assets, compared to a New York domicile. Additionally, Florida's favorable estate statutes, including its homestead exemption and lack of state estate tax, are attractive for preserving generational wealth, a contrast to New York's estate tax which can erode significant portions of large estates.
Recent catalysts in 2026 have amplified this trend. Policy uncertainty in New York, including a proposed 2-point income tax hike by mayoral front-runner Zohran Mamdani, has heightened concerns among the ultrawealthy. This proposal could push New York City's top marginal tax rate above 14% for high earners. Celebrity agent Ryan Serhant noted a 47% increase in Manhattan-to-Florida buyer inquiries in the week following Mamdani's primary win compared to the previous year. Furthermore, New York's proposed 'Good Cause Eviction' law and discussions around commercial rent control have created unease, leading several multi-family offices to adopt a 'wait-and-see' approach before committing to long-term real estate investments in the city.