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The nucleus of the community was established by Flagler's two luxury resort hotels, the Royal Poinciana Hotel and The Breakers Hotel.
Palm Beach reports more than 2,900 hrs of sunshine annually.
The town's affluence and its "abundance of pleasures" and "strong community-oriented sensibility" were cited when it was selected in June 2003 as America's "Best Place to Live" by Robb Report magazine.
As of the 2000 census, over half the population (52.7%) are 65 years of age or older, with a median age of 67 years.
In 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000.
who made the Atlantic coast barrier island accessible via his Florida East Coast Railway, Palm Beach was a sparsely populated part of Lake Worth.