Ex-Starbucks CEO Howard Schultz Leaves Seattle For Miami As Washington Democrats Push ‘Millionaires’ Tax
Former Starbucks CEO Howard Schultz is leaving Seattle after more than four decades in Washington state, relocating to Miami as state Democrats move forward with plans to impose a new tax on high earners.
Schultz and his wife Sheri have purchased a roughly $44 million penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Florida, according to reports.
The luxury residence is about 5,500 square feet and sits in one of South Florida’s most exclusive waterfront developments.
Schultz confirmed the move in a LinkedIn post Tuesday, explaining that he and his wife are entering a new stage of life after decades building Starbucks into a global brand.
“For those of you who know us well, we have entered the ‘retirement’ phase of our lives,” Schultz wrote. “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.”
The relocation comes as Washington lawmakers are advancing a proposal to impose a 9.9 percent tax on household income above $1 million starting in 2029.
Schultz did not directly mention the tax proposal in his statement, but he referenced the importance of maintaining a strong environment for businesses and entrepreneurs in the state.
“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” Schultz wrote.
The billionaire businessman is joining a growing list of wealthy executives who have moved from high tax coastal states to Florida in recent years.
Florida has become a major destination for business leaders due to its lower taxes and business friendly policies.
Among those who have relocated to the Sunshine State are Google cofounder Larry Page and Meta founder Mark Zuckerberg, both of whom moved from California amid debate over a proposed billionaires tax.
Schultz is estimated to have a net worth of roughly $3.5 billion.
He is widely credited with transforming Starbucks from a small Seattle coffee shop into one of the world’s most recognizable brands.
Schultz bought the company in 1987 and later took it public, expanding the chain into a global powerhouse with thousands of locations.
The Schultz family lived in the Seattle area for decades while the company grew into a multibillion dollar enterprise.
Although Schultz and his wife are moving their private family office to Miami, their charitable foundation will continue operating in Seattle.
“Over the years, as Sheri and I grew our family and built Starbucks globally, we were witness to the astonishing development of Seattle,” Schultz wrote.
The Schultz Family Foundation focuses on programs that support young adults pursuing education, job training, and career opportunities, particularly for those not pursuing a traditional four year college degree.
Schultz stepped down from Starbucks’ board and his final stint as chief executive in 2023.
Leadership of the company was handed to former PepsiCo executive Laxman Narasimhan, who was later succeeded by current CEO Brian Niccol, previously known for leading turnaround efforts at Chipotle and Taco Bell.
Over the decades, Schultz served three separate terms as Starbucks’ chief executive as he guided the company through multiple phases of expansion and leadership transitions.