Former Starbucks (SBUX) CEO Howard Schultz announced on LinkedIn that he and his wife Sheri have moved from Seattle to Miami, marking the end of a more than four-decade chapter in Washington State. The announcement came just hours after Washington lawmakers approved a controversial new “millionaires tax,” fueling speculation that the timing may not be coincidental.
In a reflective post Tuesday, Schultz described the move as the next step in retirement after building Starbucks from a small Seattle coffee retailer into one of the most recognizable global brands.
“Last year we traveled to dozens of places around the world—places we were too busy to see when building Starbucks and raising kids,” Schultz wrote. “And we have moved to Miami for our next adventure together.”
While Schultz framed the relocation as a lifestyle decision (citing South Florida’s sunshine and proximity to their children on the East Coast) the timing has drawn attention in business and political circles.
Move Comes Same Day as Washington Passes Millionaires Tax
Schultz’s relocation announcement arrived the same day Washington lawmakers approved a new tax targeting ultra-high-net-worth residents. The policy, commonly referred to as a “millionaires tax,” would impose additional taxes on individuals with substantial wealth, particularly through higher levies on large financial holdings.
Supporters say the measure will generate billions in revenue for education, childcare, and social programs. Critics argue it risks driving entrepreneurs, executives, and investors out of the state.
The debate has intensified concerns about so-called “tax flight,” where wealthy residents relocate to lower-tax jurisdictions. Florida, where Schultz says he has relocated, is one of the most common destinations because it has no state income tax and some of the most tax-friendly policies in the U.S.
While Schultz did not reference the legislation directly, his post included a pointed reflection on Washington’s economic climate.
“It is our hope that Washington will remain a place for business and entrepreneurship to thrive,” Schultz wrote.
That line has been widely interpreted as a subtle commentary on the state’s shifting economic policies.
A 44-Year Seattle Chapter
Schultz’s relationship with Seattle began in 1982 when he moved across the country with his wife in a 1979 Audi and their golden retriever. At the time, Starbucks was a small coffee retailer that sold only whole beans from a single location in Pike Place Market.
Schultz joined the company that year and later transformed it into the modern café chain that popularized espresso drinks across the United States and eventually the world.
Today, Starbucks operates over 38,000 locations globally, and the original Pike Place store is one of the most visited Starbucks locations anywhere.
“The history of the company is bound up in the very foundation, walls and floorboards of our first store in the city’s historic market,” Schultz wrote.
Philanthropy to Remain in Seattle
Despite moving their family office to Miami, Schultz emphasized that his philanthropic efforts will continue to be anchored in Washington.
The Schultz Family Foundation, founded by Sheri Schultz in 1990, will remain headquartered in Seattle and continue its work supporting veterans, youth employment, and community initiatives.
Leadership of the foundation has been entrusted to Vivek Varma, who will oversee an expansion of its philanthropic investments.
Florida’s Growing Appeal to Wealthy Executives
Schultz joins a growing list of high-profile executives and investors relocating to Florida in recent years.
The state’s combination of no income tax, favorable regulatory policies, and warm climate has made cities like Miami magnets for entrepreneurs and wealthy retirees alike. Major financial firms, tech investors, and hedge fund managers have also established operations there since the pandemic. Recently, billionaire Alex Karp relocated his Palantir Technologies (PLTR) from Denver to Miami.
While Schultz framed the move as part of a retirement lifestyle shift, the coincidence of the relocation announcement and Washington’s tax vote has sparked renewed debate about whether new wealth taxes could accelerate the migration of high-net-worth individuals.
For Schultz, however, the tone of his announcement remained reflective rather than political.
“We will be forever grateful for the memories made in Seattle and the relationships built along the way,” he wrote.
But as Washington moves forward with its new tax policies, the departure of one of the state’s most iconic business leaders on the same day the legislation passed is unlikely to go unnoticed.
On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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