Starbucks Founder Howard Schultz Moves to Miami Penthouse

Schultz cites personal reasons for relocation from Seattle to South Florida

Mar. 12, 2026 at 2:38am

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Starbucks founder Howard Schultz, worth $6.6 billion, has announced he is moving from Seattle to Miami, Florida. Schultz will be settling into a $44 million penthouse at the Surf Club, Four Seasons Private Residences in Surfside, about fifteen miles from Miami. The move comes as Washington state considers a new millionaire tax, but Schultz did not cite taxes as a reason for his relocation.

Why it matters

Schultz's move to Florida is part of a growing trend of billionaires and tech CEOs relocating from blue states to red states, often citing personal reasons rather than tax policy. This migration raises questions about the future economic and political landscape as high-net-worth individuals seek out more favorable tax environments.

The details

After 44 years in Seattle, where he built Starbucks into a global brand, Schultz and his wife Sheri are moving to Miami to pursue their "next adventure." Schultz's family office will relocate with him, though his nonprofit Schultz Family Foundation will remain in Seattle. The move comes as the Washington state legislature considers a new 9.9% tax on income for earners making above $1 million, which would impact Schultz.

  • Schultz announced his move to Miami on March 12, 2026.
  • The Washington state House of Representatives approved the millionaire tax measure on the same day as Schultz's announcement.

The players

Howard Schultz

The founder of Starbucks, who is worth $6.6 billion and is relocating from Seattle to Miami.

Sheri Schultz

Howard Schultz's wife, who is moving with him to Miami.

Schultz Family Foundation

Schultz's nonprofit organization, which will remain headquartered in Seattle.

Ed Orcutt

A Washington state legislator who voted against the millionaire tax bill.

Justin Owen

The President & CEO of the Beacon Center of Tennessee, a think tank that welcomed Starbucks' decision to relocate its headquarters to Nashville.

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What they’re saying

“We [Schultz and his wife, Sheri Schultz] have moved to Miami for our next adventure together. We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.”

— Howard Schultz

“The problem is overspending. There is no tax or combination of taxes that can keep up with a legislature that continually overspends revenue.”

— Ed Orcutt, Washington state legislator

“We welcome all businesses to the free state of Tennessee. We encourage them to remember and embrace why they came here: our low tax, low regulation, pro-worker freedom environment.”

— Justin Owen, President & CEO, Beacon Center of Tennessee

What’s next

The Washington state Senate will vote on the millionaire tax measure in the coming weeks, which could impact Schultz's decision to leave the state.

The takeaway

Schultz's move to Miami is part of a broader trend of high-net-worth individuals and companies relocating from blue states to red states, often citing personal reasons or a more favorable business environment. This migration raises questions about the future economic and political landscape as states compete to attract these influential residents and businesses.