Who is the richest man in Florida?

Florida is home to some of the wealthiest individuals in the United States and the world. Driven by industries like real estate, finance, technology and more, 79 billionaires make Florida their home according to Forbes‘ 2022 billionaire rankings. But who claims the top spot as the richest person in the Sunshine State? Here‘s a detailed look at Florida‘s wealthiest residents.

Ken Griffin – Florida‘s Richest With $31.6 Billion Net Worth

The richest man in Florida is Ken Griffin, according to both Forbes and Bloomberg Billionaires Index. Griffin is the founder and CEO of Citadel, one of the world‘s largest hedge funds with over $50 billion in investment capital.

With a net worth estimated at $31.6 billion in March 2022, Griffin ranked #41 on Forbes‘ list of the world‘s billionaires. He is a self-made billionaire, building his wealth through his highly successful hedge fund business.

Though originally from Florida, Griffin lived primarily in Chicago where Citadel was headquartered for many years. In 2022, he made headlines by relocating Citadel‘s headquarters to Miami and declaring the city Citadel‘s new global headquarters.

Griffin owns the most expensive property ever purchased in Miami – a $106.87 million Palm Beach estate bought in early 2022. He also owns other multi-million dollar properties in Florida.

Top 20 Richest Billionaires in Florida

While Griffin tops the list, Florida is home to many more ultra high net worth individuals. Here are the top 20 wealthiest billionaires who reside in Florida according to Forbes 2022 billionaires ranking:

This overview shows the dominance of Palm Beach as a billionaire enclave, as well as strong representation in Naples and Miami on Florida‘s east and west coasts. Real estate, hedge funds, healthcare, and finance are common sources of wealth amongst Florida‘s billionaire class.

Below we take a deeper look at some of the standout names on this list.

Thomas Peterffy – Florida‘s 2nd Richest With $22.9 Billion

Ranking #2 in Florida is Thomas Peterffy, chairman of Interactive Brokers Group. Peterffy‘s net worth is estimated at $22.9 billion as of March 2022.

Like Griffin, Peterffy built his fortune in the financial services industry. He founded Interactive Brokers, an electronic trading platform and global brokerage firm. He owns about 88% of the publicly traded company, which underpins the majority of his wealth.

Peterffy resides in Palm Beach, Florida and has been a vocal booster of Florida‘s business-friendly policies in recent years. Originally from Hungary, he immigrated to the United States as a young man and rose to become one of the richest men in the country.

Phillip Frost – Billionaire Investor Worth $5.5 Billion

Dr. Phillip Frost has a net worth of $5.5 billion, making him the third richest person in Florida. Frost has long resided in the upscale community of Palm Beach.

Frost originally built his fortune in the pharmaceutical industry. He founded generic drug maker Ivax Corporation and sold it for $7.8 billion in 2006. He reinvested the proceeds into a variety of public companies and startup investments.

In addition to his pharmaceutical experience, Frost has served as a professor of dermatology, worked at the University of Miami School of Medicine, and invented several medical devices. Now in his mid 80s, Frost remains active as an investor and in philanthropy.

Top Cities and Towns in Florida For Billionaire Residents

Several cities and towns in Florida stand out for their density of ultra high net worth residents:

• Palm Beach: With 29 billionaires, Palm Beach has the most billionaires of any place in Florida. Worth Avenue in Palm Beach is known for its luxury shopping. The oceanfront mansions, country clubs and amenities draw the wealthy here.

• Miami: Home to at least 15 billionaires, Miami has long attracted the rich and famous to the elite neighborhoods like Indian Creek and Fisher Island. With its nightlife, amenities and tropical lifestyle, Miami is a magnet for billionaires.

• Naples: With 13 billionaire residents, Naples on Florida‘s Gulf Coast is a small but extremely wealthy enclave. The family of Publix Super Markets founder George Jenkins is one of the most prominent billionaire families in Naples.

• Tampa: At least 5 billionaires including Eddie DeBartolo Jr., Outback Steakhouse co-founder Robert Basham and Jeff Vinik call Tampa home. Tampa Bay‘s business climate and amenities make it attractive to some of America‘s wealthiest.

Why Florida Attracts So Many Billionaires

There are several reasons Florida has become such a billionaire hotspot:

• Lower taxes: Florida does not have a state income tax, making it extremely tax-friendly for high earners and the wealthy. Estate taxes are also lower compared to states like New York and California.

• Warm weather and natural amenities: With endless sunshine, beaches and no snow, Florida offers an appealing lifestyle year-round for those who can afford it.

• Growing business climate: Major industries operating in Florida like real estate, construction, tourism, healthcare and more are big drivers of wealth creation for entrepreneurs and investors.

• Luxury amenities: World-class shopping, dining, marinas, golf courses and country clubs cater to the super wealthy. Close proximity to the Caribbean and golf also appeals.

As economic growth, population growth and business formation accelerates in Florida, all signs point to more billionaires flocking to the state in years to come. With no state income tax and abundant amenities for the rich, Florida provides an alluring magnet for the country‘s wealthiest citizens.