Jeff Bezos, the founder of Amazon and the second-richest person in the world with a net worth of $234 billion, has once again demonstrated how strategic thinking can yield significant financial benefits.
According to Forbes, Bezos saved a staggering $1 billion in taxes in 2024 by relocating from Seattle to Miami, taking advantage of Florida’s tax-friendly policies. This move, besides bringing him closer to his parents, resulted in massive savings due to Florida’s lack of income tax and capital gains tax. In contrast, Washington State implemented a 7% capital gains tax in 2022 for transactions exceeding $250,000. Bezos, who sold $13.6 billion worth of Amazon shares this year, became the top stock seller among U.S. billionaires in 2024.
Financial and Lifestyle Impact of the Move
The relocation to Miami wasn’t solely a financial decision—Bezos invested heavily in a luxurious lifestyle. He purchased three estates on the exclusive Indian Creek Island, nicknamed the “Billionaire Bunker,” for a total of $234 million. The properties, bought for $68 million, $79 million, and $90 million, represent 7% of the island's assets.
Had Bezos remained in Washington, he would have paid $954 million in capital gains taxes on this year’s transactions—an amount exceeding Washington State’s total tax revenue for the fiscal year ending June 2024. Although he still owes $3.2 billion in federal taxes on his stock sales, moving to Florida saved him significantly on property and income taxes.
Diversifying Wealth
Despite the large stock sales, Bezos still owns 9% of Amazon, allowing him to diversify his portfolio and fund other investments. Over the years, he has invested in 125 startups, acquired eight properties worth $500 million, and spent $500 million on his megayacht, Koru, the world’s largest sailing yacht. He also owns a support yacht, Abeona, valued at $75 million, which accompanies Koru on all its voyages.
Future Tax Savings
Experts estimate that Bezos could save an additional $10 billion in property taxes over his lifetime. According to John Pantekidis of TwinFocus, Florida is a "financial paradise" for ultra-wealthy individuals like Bezos.
Strategic Wealth Preservation
Through meticulously planned decisions, Bezos showcases how to combine strategic vision with wealth preservation. His move to Florida is more than a change of address—it’s a case study in how billionaires leverage legal opportunities to maximize their financial resources. As Florida emerges as an ideal "safe haven" for the ultra-rich, Bezos continues to set the standard for strategic wealth management.
