Howard Schultz Exits Seattle for Miami Amid Washington’s New “Millionaire Tax”

After more than four decades as a pillar of the Seattle business community, former Starbucks CEO Howard Schultz has announced his relocation to Miami. The move comes as Washington State lawmakers advance a controversial 9.9% income tax on high earners, a policy that critics warn is driving the state’s wealthiest residents to tax-friendly regions like Florida.

A New Chapter in the “Sunshine State” In a post shared on LinkedIn, the 72-year-old billionaire explained that he and his wife, Sheri, are entering their “retirement phase.” Schultz cited a desire to be closer to his children on the East Coast and to enjoy Florida’s warmer climate as the primary motivations for the move. He recently purchased a $44 million luxury penthouse in the exclusive Surf Club Four Seasons Private Residences in Surfside, Florida.

Economic Concerns for Washington While Schultz did not explicitly name the “Millionaire Tax” (Senate Bill 6346) as his reason for leaving, his announcement included a pointed message regarding Washington’s future. He expressed his hope that the state “will remain a place for business and entrepreneurship to thrive,” a statement widely interpreted as a critique of the shifting tax landscape.

Supporters of the new tax argue it will generate billions for public education and healthcare by targeting only the wealthiest 1% of households. However, business leaders like Jon Scholes of the Downtown Seattle Association suggest that the departure of high-profile figures like Schultz underscores the “competitive pressures” Seattle faces in retaining jobs and capital.

Legacy and Local Ties Schultz’s history with Seattle dates back to 1982, when he joined a small coffee bean retailer at Pike Place Market and eventually transformed it into a global powerhouse with nearly 39,000 stores. Despite the move:

• Starbucks Headquarters: The company’s global home will remain in Seattle’s SODO neighborhood.
• Philanthropy: The Schultz Family Foundation will keep its headquarters in Seattle, continuing its work with veterans and youth employment under local leadership.

Schultz joins a growing list of ultra-wealthy individuals, including Amazon founder Jeff Bezos, who have recently traded the Pacific Northwest for Florida, which notably has no state income tax.