Howard Schultz, the longtime chief executive of Starbucks, said that he moved his family to Miami — an announcement that comes amid a new wealth tax push in Washington state.
Schultz said that he and his wife had lived in Seattle for the past 44 years, but that they recently relocated to the Sunshine State for a fresh start in retirement.
“We have moved to Miami for our next adventure together,” Schultz wrote on LinkedIn. “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 business magnate discussed his love of Seattle and the development of the city over the past half-century.
“We will be forever grateful for the memories made in Seattle and the relationships built along the way,” he continued. “To the family, friends and partners who made Seattle our home for so many years, thank you.”
But while Schultz loved the city and state he previously called home, the feeling may not have been mutual.
As noted by CBS News, Washington state lawmakers are considering a millionaire tax that could nab 10 percent of personal earnings from anyone bringing in over $1 million.
Schultz did not mention the policy in his announcement.
But as CBS News observed, he may have alluded to the tax-and-spend mindset by expressing 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 has a net worth of $3.5 billion, according to Forbes.
He led Starbucks from 1986 to 2000, from 2008 to 2017, and again as interim chief executive from 2022 to 2023.
He also co-owned the Seattle Supersonics between 2001 and 2006.
Forbes reported that Schultz and his wife, Sheri, bought a $44 million penthouse 15 miles north of Miami.
It’s a 5,500-square-foot property complete with five bedrooms, a rooftop terrace, and an oceanfront cabana.
CBS News noted that Washington is not the only West Coast state to consider a massive tax on their wealthiest citizens.
California lawmakers proposed an initiative that would impose a one-time 5 percent tax on the net worth of the 255 billionaires in the state.
Some have since left California as the trajectory toward higher taxes on the wealthy continues.
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