Howard Schultz Leaves Washington as Millionaire Tax Debate Heats Up
Synopsis
Howard Schultz, former Starbucks CEO, has relocated from Washington to Miami following the advancement of a proposed 9.9% millionaire tax. Schultz cited retirement and family reasons, purchasing a $44 million penthouse, with his family office now based in Florida. Starbucks continues operations globally, reporting $37.18 billion in 2025 revenues, while Schultz maintains philanthropic work in Seattle.
Starbucks founder Howard Schultz has moved to Miami amid Washington’s proposed 9.9% millionaire tax. The relocation, motivated by retirement and family reasons, includes a $44 million penthouse purchase. Schultz’s family office will operate in Florida, while the Schultz Family Foundation continues charitable work in Seattle. Starbucks reported $37.18 billion in 2025 revenue.
Key Highlights
- Howard Schultz relocates from Washington state to Miami with his wife.
- Washington House advances a 9.9% tax on annual income above $1 million.
- Schultz buys $44 million Florida penthouse; family office moves to Miami.
- Starbucks reported $37.18 billion in revenue for fiscal year 2025.
- Wealth migration trends show high earners leaving states with higher personal taxes.
Howard Schultz, former CEO and long-time leader of Starbucks Corporation, has relocated from Washington state to Miami, Florida, after more than 40 years in the Seattle area. The move comes as Washington advances a proposed “millionaire tax” of 9.9% on annual income above $1 million, set to take effect in 2029 if enacted.
Relocation Details and Personal Reasons
Schultz, 72, said the move reflects a “retirement phase” for him and his wife, Sheri. The couple purchased a $44 million penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Florida, and their family office will operate from Miami, while the Schultz Family Foundation continues charitable work in Seattle.
Schultz noted family and lifestyle considerations, including proximity to children and grandchildren on the U.S. East Coast.
Washington’s Millionaire Tax
The proposed Senate Bill 6346 would tax residents earning over $1 million at 9.9%, with projected revenue of about $3.5 billion annually. Proponents say funds will support tax credits and social services for middle- and lower-income households, while opponents warn of potential wealth flight.
Similar tax-driven relocations have been reported among high-net-worth individuals from California, New York, and New Jersey to Florida and Texas, states with no personal income tax.
Starbucks Financial Overview and Global Presence
Starbucks, founded in 1971, operates over 40,000 stores in more than 80 countries, serving around 100 million customers weekly. The company posted $37.18 billion in net revenues for fiscal 2025, up roughly 2.8% from the previous year. Starbucks remains a significant player in the global coffee retail market, accounting for about one-third of the sector.
Schultz’s move aligns with a wider trend of wealthy individuals relocating to lower-tax states. Recent U.S. Census data shows net migration gains for Florida, South Carolina, and Idaho from residents leaving high-tax states.
FAQs
Q1. Why did Howard Schultz leave Washington for Florida?
He cited retirement, family proximity, and lifestyle considerations as primary reasons.
Q2. What is Washington state’s millionaire tax proposal?
Senate Bill 6346 would impose a 9.9% tax on income above $1 million starting 2029.
Q3. Will Schultz maintain operations in Seattle?
Yes, the Schultz Family Foundation will continue its charitable activities in Seattle.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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