Starbucks' former CEO Howard Schultz, and Jeff Bezos have recently relocated to Miami, while figures like Mark Zuckerberg have recently purchased property in the city.Pier Marco Tacca/Getty Images/Alexander Tamargo/Getty Images for America Business Forum/Jeff Bottari/Zuffa LLCTax proposals in California and New York are pushing billionaires to Florida.Aside from the tax benefits, lifestyle perks are also fueling the trend.Mark Zuckerberg, Larry Page, and Sergey Brin have all recently purchased homes in the city.Move aside, Wall Street and Silicon Valley: Miami is vying to be the new epicenter of US business, tech, and wealth.The city has long been seen as a gateway to Latin America and the Caribbean, but recent developments in its business landscape are helping turn it into a larger American business hub.Finance firms, tech companies, and consumer brands have expanded their presence in the city, from opening new offices to relocating headquarters.And their executives have joined the wave.Ken Griffin recorded Miami-Dade County's first-ever nine-figure home sale after Citadel announced its relocation in 2022; Jeff Bezos spent $147 million on two Indian Creek homes after leaving Seattle for Miami; and Palantir CEO Alex Karp quietly bought a $46 million mansion on the Venetian Islands ahead of the company's headquarters shift to Aventura.This comes as states like New York and California are considering or proposing policies aimed at increasing the taxation of the ultrawealthy. This includes California's proposed Billionaire Tax Act, which would impose a one-time 5% tax on the net worth of California residents and certain trusts worth at least $1 billion, and New York's pied-à-terre tax bill, which would impose an added tax on certain non-primary New York City homes, including second homes owned by people whose primary residence is elsewhere.But beyond the tax benefits, the ultrawealthy are flocking to Miami for the lifestyle."You can't beat the lifestyle," Manny Varas, a luxury homebuilder who works with billionaire clients in South Florida, told Business Insider.Varas, who has built and renovated homes for the likes of Jennifer Lopez, Lil Wayne, and the Bezos family, said that the city's "pro-work and creative environment," as well as its culinary, hospitality, arts, and events scene, are among the biggest drivers of billionaires' decisions to move to Miami over other tax-friendly states.Some of these leaders have officially announced they or their companies will be moving to the Sunshine State, while others have quietly snapped up property in the city in recent months, signaling a potential expansion of their presence there.