Why Is Amazon Founder Jeff Bezos Leaving Seattle And Moving To Miami? Here Are 3 Reasons

Jeff Bezos, Amazon's founder, former CEO, and current executive chair, announced Thursday he was leaving Seattle after nearly 30 years in the region and moving back to Miami. In a sentimental Instagram post, Mr Bezos explained the reasons behind his decision. He also posted an old video clip of him giving a tour of the company's first office in Seattle, the garage of his rented home.

The billionaire businessman said he is moving to Miami to be closer to his parents, who recently moved back to his hometown. ''My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High Class of '82 — GO Panthers!) I want to be close to my parents, and Lauren and I love Miami,'' he wrote. 

The Amazon boss also mentioned that the operations of Blue Origin, his space exploration company, are increasingly shifting to Cape Canaveral, Florida, The company develops rockets, rocket engines, and space capsules.

''I've lived in Seattle longer than I've lived anywhere else and have so many amazing memories here. As exciting as the move is, it's an emotional decision for me. Seattle, you will always have a piece of my heart,'' he added. 

Watch the video here:

As per the Seattle Times, the state's new capital gains tax and new wealth tax proposal might also be the reason behind his decision. Under the new tax, Mr Bezos would owe $70 million in state taxes for every $1 billion of Amazon stock he sells, according to a tweet by CNBC Wealth Reporter Robert Frank. Meanwhile, Florida is one of nine states that does not have state income or capital gains taxes. So moving there could save him a lot of money on taxes. 

Last year, Billionaire hedge fund manager Ken Griffin also moved his headquarters from Chicago to Miami. 

According to Bloomberg's Billionaires Index, Jeff Bezos is the third-richest person in the world, with an estimated net worth of $161 billion. He stepped down as CEO of Amazon in 2021, handing the reins to a top deputy, Andy Jassy. 

Last month, he also purchased a seven-bedroom, 14-bathroom mansion in South Florida for $79 million, a few months after buying a waterfront estate in the neighborhood for $68 million. The private neighborhood near Miami Beach is known to locals as ''Billionaire Bunker'' for its wealthy residents.