Trump's backyard is quietly transforming into 'Silicon Valley South' as wealthy Americans flock in

A wealthy Southern enclave once known as a playground for retirees and snowbirds is transforming into a growing technology and financial hub, drawing comparisons to Silicon Valley as businesses, Wall Street executives and entrepreneurs move in.

Palm Beach County, Florida, is attracting new attention as wealthy Americans seek alternatives to high-tax states like New York and California.

"Palm Beach has changed from a place where people come to retire to a place that people come to build," luxury real estate expert Margit Brandt told Fox News Digital. "There's been countless CEOs and major heads of companies that have moved their businesses to Palm Beach," she said, pointing to Florida's favorable tax climate and lifestyle as major draws.

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Long known as a playground for the rich and famous, Palm Beach, Florida, is emerging as a growing business and technology hub, attracting wealthy executives, entrepreneurs and major companies. (Saul Martinez/Bloomberg/Getty Images)

The region is also home to President Donald Trump's Mar-a-Lago estate, often dubbed the "Southern White House," placing the emerging business hub in the backyard of one of the country's most recognizable political landmarks.

The shift comes amid changing migration patterns across the country, with Internal Revenue Service data for 2022–2023 showing taxpayer losses across numerous California and Northeastern counties, while much of the Southeast recorded gains.

Brandt believes Palm Beach County could become a major technology hub, citing its room for expansion as an advantage over more densely developed destinations.

"We have tons of room to grow," she said, pointing to areas like Wellington and western Palm Beach County where new schools, hospitals and infrastructure could accommodate additional businesses and families.

The region is also attracting technology investment alongside its established financial services industry.

In September 2025, California-based software company ServiceNow announced plans to establish a regional innovation hub and artificial intelligence institute in West Palm Beach.

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President Donald Trump's Mar-a-Lago estate in Palm Beach, Florida, sits at the heart of a wealthy enclave increasingly attracting technology companies, Wall Street executives and entrepreneurs. (Brandon Bell/Getty Images)

The expansion is projected to generate $1.8 billion in economic impact and create more than 850 jobs over five years, according to the company. ServiceNow also committed to occupying up to 200,000 square feet of office space at 10 CityPlace, a development by billionaire real estate investor Stephen Ross's Related Ross.

"The tech has particularly been exciting for Palm Beach County," Brandt said.

Meanwhile, Palm Beach County's population reached an estimated 1.58 million residents in July 2025, an increase of 5.6% since April 2020, according to the U.S. Census Bureau.

Brandt said new office developments in West Palm Beach and Palm Beach Gardens have made it easier for companies to establish a presence in the region.

"Florida has just been a really easy landing place," she said.

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South Florida has drawn a multitude of billionaires and corporations in recent years, buoyed by tax advantages and a booming finance and tech scene. (Eva Marie Uzcategui/Bloomberg/Getty Images)

Beyond business opportunities, Brandt pointed to year-round outdoor activities, warm weather and family life as major attractions for newcomers.

For Brandt, the region's evolution is far from complete.

"Palm Beach County, I think we're like in beginning stages of what's possible here," she said.

Amanda Macias covers the intersection of business, economics and politics, with a focus on how policy decisions shape markets, businesses and American workers.