A new wave of ultra-wealthy migrants, including Jeff Bezos and Larry Page, is accelerating dramatically into Florida, making it the winner in migration and financial inflows among U.S. states. However, 50% of Florida’s permanent residents have already considered leaving due to the cost of living, and the Tampa metropolitan area has become the urban area with the highest number of foreclosures in the country. Nearly one-third of the world’s 3,000 billionaires live in the United States, and the wealth of the ultra-rich has increased by 40% in just two years, with half of all U.S. stocks held by just 1% of Americans. Florida’s model of attracting wealth by offering zero taxation has limitations: the flow of money through the real economy slows as the ultra-rich invest in foreign financial markets, while real estate speculation displaces middle-income households. Growing inequality undermines democracy by granting wealth disproportionate influence over politics, and the new migration is undermining the quality of life for most Floridians.