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Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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I agree completely with your wife...my oldest friend lives 1 house from the ocean at the end of Australian Ave (few blocks from Worth Ave) in Palm Beach and, though lovely and an obvious monied, ultra high net worth area I would be bored within a month (ditto for Boca)—maybe when I have less in the gas tank at age 75+ and slow down the area will appeal more to me...you can have a similar lifestyle in some sections of Miami Beach (upscale, resortish, and more private), but with proximity to much livelier places, people as well as golf courses:
My mother in law spends her winters in Palm Beach. We go to visit her often. My wife would never want to move there. She says its too old. She loves Miami though because she says it has a younger vibe. I like Palm Beach, but I’m a golfer, she’s not.
Last edited by elchevere; 11-17-2019 at 01:58 PM..
It depends on the style of your business that enabled you to get rich ....
Many wealthy people live in New York, not because they love NYC, but because this is where the money is and especially where the other rich are you will need to make contact to close deals, seek investment among other things ... another question is when if you are rich, you want the legacy of wealth to continue, so for that your children need to attend the best schools, the best universities, and especially to engage with partners and friends from equally wealthy families who can help you in the future to maintain the family business. for all this you have to live where the elite live, it's almost a matter of necessity ... Most rich people in Miami don't really live in Miami, they are just rich enough to have more than one home.
Most of the rich who do not live in these rich enclaves are people who have become rich in entertainment, but always have to travel to Los Angeles or New York to do business.
PS: We're talking about rich people and not upper middle class people, people of this class can really live anywhere, because usually their wealth is tied to the local level, they're not rich, just a little higher standard of living, which the average middle class, we tend to call them rich, but they really aren't.
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