Florida Continues to Gain Million-Dollar Earners
The state had an 8% increase in million-dollar earners from 2021 to 2022, reaching 77,670, according to the IRS. But nationwide, that number dropped by 2%.
ORLANDO, Fla. — The number of high-income earners in Florida is on the rise, while most other states are seeing a decline. According to the IRS, there was an 8% increase in million-dollar earners in Florida from 2021 to 2022, reaching 77,670. In contrast, nationwide, the number of such earners dropped by 2%.
This trend reflects Florida's appeal as a destination for wealthy individuals. The luxury real estate market in areas like Windermere and Winter Park have benefited from this growth.
Developers, however, face uncertainty, as it's unclear when exactly the demand for high-end properties will peak. Some, like Brendon Dedekind of Trammell Crow Co., are cautious about timing investments, knowing demand will increase but unsure of when.
Current developments reflect the need for properties with good road access to major employers, as many high-income earners prefer to live close to work and still afford larger homes.
Source: Orlando Business Journal (02/18/25) Dragone, Logan
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