RELATED Jordan Rathleff, executive vice president of Ross, and John Rajchart, CEO of health tech company Visium, spoke to Fox News Digital about the influx of businesses and employees to West Palm Beach and how they are leading the way.
Another financial giant is planting its flag in Florida.
Wells Fargo confirmed He told Fox News Digital that he would move his wealth management headquarters to West Palm Beach, underscoring the growing exodus of money and corporate influence from traditional financial centers to lower-tax, business-friendly states.
The move makes Wells Fargo the first major U.S. bank to base its wealth management operations in the Sunshine State.
“Wells Fargo Wealth and Investment Management (WIM) is advancing its strategic efforts to serve high-net-worth and ultra-high-net-worth clients by increasing its presence in West Palm Beach,” a spokesperson told FOX News Digital. “Several senior leaders have relocated to the region, strengthening our presence as a local leader and deepening our engagement with clients in this high-opportunity market.”
“West Palm Beach’s robust business environment and expanding economic opportunities align well with our long-term growth priorities, both regionally and across the organization,” they continued. “Many members of WIM’s leadership team will continue to be based in New York, St. Louis, and Charlotte, North Carolina.”
Tuesday, October 21, 2025, at a Wells Fargo Bank branch in New York. (Getty Images)
seal the deal with stephen ross As for related companies, the San Francisco-based banker will reportedly lease 50,000 square feet of office space in the Class A One Flagler building.
Wells Fargo Wealth and Investment Management CEO Barry Somers told Bloomberg that about 100 employees, mostly senior executives, will move into the new headquarters by the end of the year and that the office is on track to open in August.
Wells Fargo’s Wealth and Investment Management division generated $16 billion in revenue last year, accounting for about 20% of the bank’s total revenue.
CEO, chairman and real estate billionaire Stephen Ross is publicly pushing for a shift. palm beach county He said he expects higher-profile companies to expand their presence these days.
Corcoran Group agent Julian Johnston speaks exclusively to Fox News Digital about the new wave of California billionaires moving to South Florida due to the wealth tax proposal.
“What we’re seeing is companies that are already in business, have been here for years, and are expanding their offices,” Ross said in an interview with Bloomberg last week. “People recognize the growth of this country and where it’s headed.”
The companies involved did not immediately respond to Fox News Digital’s requests for comment.
The move comes just over a month after local leaders told Fox News Digital that West Palm Beach is shedding its tourist-driven image and becoming a tourist-driven city. America’s next business boom city.
“I think when you start a job or start a business, having certainty is always on your mind, and there’s no better place to do business with certainty and get things done than in South Florida. And we believe that West Palm Beach and Palm Beach County are right at the epicenter of that,” Related Ross Executive Vice President Jordan Rathleff previously said.
West Palm Beach has seen tens of billions of dollars in corporate investment in recent years. |Getty Images
“We have many employees who are happy to be here because of the lifestyle and connections that West Palm Beach offers,” said Visium CEO John Rajchart, who relocated his company from Orlando. “The appetite to migrate is very, very, very good. So what we’re finding is there’s a national talent pool ready to move here.”
For the past five years, Palm Beach County has Over 140 companiesMore than 13,110 direct jobs were created or retained and more than $1.12 billion in capital investments were made, according to the Palm Beach County Business Development Commission. Since the 2020 U.S. Census, West Palm Beach has recorded the largest population increase in the county. Approximately 9,600 new residents.
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FOX Business host Marcus Lemonis talks about the billionaire who fled California to avoid a proposed wealth tax on “The Bottom Line.”
“When we opened this office eight years ago, four of us called West Palm Beach home. Today, we have more than 160 people,” Raslev said. “This is where people want to be, this is where people want to raise their families.”
“There’s no question that people are completely, completely aware of what’s going on here. And I think we are.” [in the] We are in the very early stages of what is going to be an incredible growth story. ”
