. ▁In ▁ 2 0 1 8 , ▁Pal m ▁Beach ▁ranked ▁as ▁ 2 7 th - wealth iest ▁place ▁in ▁the ▁United ▁States ▁according ▁to ▁Blo om berg ▁News . ▁Pal m ▁Beach ▁is ▁also ▁noted ▁for ▁ups c ale ▁sho pping ▁districts ▁such ▁as ▁W orth ▁Avenue , ▁Royal ▁Po inci ana ▁Pla za , ▁and ▁the ▁Royal ▁Po inci ana ▁Way ▁Historic ▁District . ▁ ▁History ▁ ▁S ett lers ▁began ▁arriv ing ▁in ▁modern - day ▁Pal m ▁Beach ▁by ▁ 1 8 7 2 . ▁Hir am ▁F . ▁Ham mon ▁made ▁the ▁first ▁hom est ead ▁claim ▁in ▁ 1 8 7 3 ▁along ▁Lake ▁W orth . ▁At ▁the ▁time , ▁the ▁lake ▁area ▁had ▁a ▁population ▁of ▁less ▁than ▁ 1 2   people . ▁By ▁ 1 8 7 7 , ▁the ▁T ust en eg ee ▁Post ▁Office ▁was ▁established ▁in ▁modern - day ▁Pal m ▁Beach , ▁becoming ▁the ▁lake ▁area ' s ▁first ▁post ▁office . ▁Al ong ▁the ▁coast ▁of ▁Pal m ▁Beach , ▁the ▁Prov iden cia ▁w reck ed ▁in ▁ 1 8 7 8 ▁with ▁a ▁cargo ▁of ▁ 2 0 , 0 0 0   co con uts , ▁which ▁were ▁quickly ▁plant ed . ▁In ▁ 1 8 8 0 , ▁El ish a ▁Newton ▁" Cap " ▁Dim ick ▁converted ▁his ▁private ▁residence ▁to ▁a ▁hotel ▁known ▁as ▁the ▁C oco an ut ▁Gro ve ▁House . ▁At ▁the ▁time ▁of ▁its ▁opening