Howard Schultz, the billionaire businessman who built Starbucks into a global coffee empire, has officially relocated to Florida, adding his name to a growing roster of ultra-wealthy executives and public figures making the Sunshine State their home. The move, first reported by The Palm Beach Post, places Schultz in Palm Beach County — a region that has become an increasingly powerful magnet for the nation's financial and corporate elite.
Who Is Howard Schultz?
Howard Schultz, 71, is one of the most recognizable names in American business history. Born and raised in a public housing project in Brooklyn, New York, Schultz rose from humble beginnings to become the architect of one of the world's most ubiquitous brands. He joined Starbucks in 1982 when it was a small Seattle-based coffee bean retailer with just a handful of stores.
After a trip to Italy, where he was inspired by the country's espresso bar culture, Schultz envisioned transforming Starbucks into a coffeehouse experience rather than simply a retail operation. He purchased the company in 1987 and began an aggressive expansion strategy that would eventually grow Starbucks from 11 stores to more than 35,000 locations in over 80 countries worldwide.
Schultz served as CEO of Starbucks across three separate stints — from 1986 to 2000, again from 2008 to 2017, and a final return from 2022 to 2023. Each time he returned, it was to stabilize the company during periods of declining performance or strategic uncertainty. His leadership style, which emphasized employee benefits including healthcare coverage and stock options even for part-time workers, made him a prominent voice in debates about corporate responsibility.
A Brief Foray Into Politics
Schultz also briefly flirted with a run for the White House. In early 2019, he announced he was seriously considering an independent bid for the presidency in 2020, positioning himself as a centrist alternative to both the Republican and Democratic parties. The announcement drew immediate backlash from Democrats who feared his candidacy would split the anti-Trump vote and effectively hand the election to then-President Donald Trump.
By September 2019, Schultz announced he would not pursue the presidential bid, citing health concerns after undergoing back surgery. Despite stepping away from the political arena, his brief candidacy exploration underscored his profile as a public figure whose influence extended well beyond the boardroom.
Schultz's net worth is estimated at approximately $5.5 billion, according to Forbes, making him one of the wealthiest individuals in the United States. His fortune is largely tied to his Starbucks holdings and various investment ventures.
Why Florida? The Sunshine State's Growing Appeal
Schultz's decision to relocate to Florida fits a well-documented trend of wealthy individuals and business leaders gravitating toward the state. Florida offers significant financial incentives that other states do not — most notably, it has no state income tax, no estate tax, and no inheritance tax. For a billionaire like Schultz, the tax savings alone could amount to tens of millions of dollars annually compared to residing in a high-tax state like Washington or New York.
Palm Beach County, in particular, has seen an extraordinary influx of wealth in recent years. The region has attracted hedge fund managers, tech entrepreneurs, and corporate executives who have established both primary residences and business operations in the area. The trend accelerated during the COVID-19 pandemic and has shown no signs of slowing down.
Beyond the tax advantages, Florida's warm climate, extensive coastline, and established luxury real estate market continue to draw high-net-worth individuals. The state's business-friendly regulatory environment, championed by Governor Ron DeSantis and the Republican-controlled legislature in Tallahassee, has also been cited as a factor in corporate and individual relocation decisions.
Impact on Florida's Economy and Community
The arrival of figures like Schultz has broader implications for Florida's economy. Wealthy transplants bring investment capital, philanthropic activity, and business connections that can benefit local communities. However, the influx has also contributed to soaring real estate prices across South Florida, creating affordability challenges for long-time residents and working families.
Palm Beach County's median home price has risen significantly over the past several years, and the luxury market has seen particularly intense activity. The presence of billionaires and centimillionaires has transformed neighborhoods and driven demand for high-end services, restaurants, and retail.
Schultz stepped down from the Starbucks board of directors in September 2023, severing his last formal tie to the company he built over four decades. Since then, he has largely maintained a low public profile, focusing on personal investments and family life.
His relocation to Florida marks a new chapter for the coffee mogul — one that mirrors a broader demographic and economic shift that continues to reshape the Sunshine State's identity as a destination not just for retirees and tourists, but for some of the most powerful figures in American business and finance.