Wealth Migration: The Rise of Millionaires in the Southern U.S.
In 2024 , the southern states of the U.S., led by Texas and Florida , saw a significant surge in millionaire migrations driven largely by favorable tax policies . This trend is exemplified by notable figures such as Jeff Bezos , who saved considerably on taxes after relocating to Miami , and Elon Musk , who moved the headquarters of his companies from Delaware to Texas amid a legal dispute over his bonus compensation.
The influential business acumen of Amancio Ortega led to what became the largest real estate transaction by Pontegadea in 2025 : a luxury 46-story building in a prime location favored by millionaires moving to Florida .
259 Luxury Apartments. As reported by specialized real estate media, the founder of Inditex executed one of the year’s most noteworthy operations by acquiring a landmark skyscraper in Fort Lauderdale . This investment not only strengthens Ortega’s foothold in the U.S. residential sector but also signifies Pontegadea’s return to the high-end housing market after two years focused on logistical centers and office buildings.
The new property in Amancio Ortega’s portfolio is the Veneto Las Olas building, a luxury apartment tower consisting of 259 apartments located in downtown Fort Lauderdale . Ortega acquired this property for $165 million (approximately €145 million ), averaging around €560,000 per unit.
The building, completed in November 2024 , features expansive communal areas, swimming pools, a gym, a spa, recreation rooms, and terraces. It’s situated about four kilometers from Las Olas Beach and is within a city often dubbed the ” Venice of America ” for its network of canals and tourist appeal.
A Spike in Rentals. The success of this purchase lies not only in acquiring the property at a “reasonable price” but in the high profitability of the area. According to details on the building’s website , rents at Veneto Las Olas range from $4,411 per month for an 88 square meter one-bedroom apartment to $15,440 per month for a two-bedroom duplex spanning 191 square meters .
Fort Lauderdale is a well-established tourist destination, ensuring a steady demand for luxury housing. The city’s port is among the most active in receiving cruise ships and accommodating large luxury yachts, making it an attractive location for wealthy investors seeking a new home in Florida with lower taxes.
Not Ortega’s Most Expensive Building. While Veneto Las Olas represents a significant investment, it is not the largest residential transaction Pontegadea has made in the U.S. Nonetheless, it stands out as the most relevant residential operation in Florida .
According to reports from El Confidencial , in September 2022 , Ortega’s investment group acquired a luxury apartment skyscraper at 19 Dutch Street in Manhattan for $487.5 million , plus an additional $15.9 million in transfer taxes. Furthermore, in August 2023 , Pontegadea purchased the West Loop Tower in Chicago for $232 million , encompassing 492 residences across 45 floors .
Ortega had already established a presence in Florida with the 2016 acquisition of the Southeast Financial Center office tower in Miami for $500 million . A year prior, he had purchased a commercial complex on Lincoln Road for $370 million .
$525 million in Two Months. With the closing of the Fort Lauderdale deal, Pontegadea completed its fourth transaction in just under two months, totaling €525 million .
In March 2025 , the purchase of the Clifford Chance law firm’s headquarters in Luxembourg for €60 million was announced. In May , the acquisition of the iconic Planeta headquarters on Diagonal Avenue in Barcelona for €250 million was finalized. Pontegadea’s penultimate operation, announced just a week ago, included purchasing an office building in the former docklands of Dublin for €70 million .
All Benefits, No Debt. Unlike other major real estate firms, Pontegadea does not need to issue debt to finance these investments. The real estate arm of Amancio Ortega primarily receives dividends from his other empire, Inditex .
In 2025 , Pontegadea is set to receive just under €3 billion from its 50.010% stake in Inditex . All of this capital has been directed towards real estate investments, resulting in one of Spain’s largest real estate firms, surpassing Colonial and Merlin with over 120 properties across 13 countries valued at around €20 billion , according to estimates from Europa Press .
In summary, while the migration of wealthy individuals to southern states is influenced by favorable fiscal conditions, the strategic investments by figures like Amancio Ortega ensure that the trend is not just a fleeting phenomenon but a robust shift in the landscape of luxury real estate.