TALLAHASSEE, FLORIDA: Billionaire hedge fund manager Ken Griffin praised Ron DeSantis’ administration by saying Miami could one day supplant New York as the world’s financial capital.
The 55-year-old Citadel boss, who is building a new billion-dollar headquarters in Miami’s Brickell Bay neighborhood, told Bloomberg that The Magic City could soon become a financial hub as financial firms and tech CEOs are increasingly flocking to the city.
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“We’ll see how big Wall Street South gets,” he said at the Citadel Securities Global Macro conference in Miami, according to the Daily Mail.
“We are in Brickell Bay, and maybe in 50 years it will be Brickell Bay North as we refer to New York in finance,” Griffin said, admitting that “New York today is the financial capital of America. And it’s New York to lose.
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Griffin went on to highlight Miami’s “incredibly vibrant economy,” saying, “The density of talent, both in financial services and more broadly in New York, is among the best in the world. »
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“It’s a unique and powerful city…New York has so much to offer. That said, I think Miami represents the future of America – an incredibly dynamic economy,” Griffin continued.
The billionaire went on to praise DeSantis’ administration. “Who cares about safe streets, good schools and good jobs? It’s great to be in a state where these goals are the focus of your leaders,” he said.
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“I say this as someone who has been involved in Chicago for 30 years, who has seen my city descend into anarchy due to poor governance,” Griffin said.
Over the years, Miami has become a new hub for financial titans, including Griffin who moved his business to the city last year and plans to build a beachfront skyscraper in $1 billion to house Citadel’s main office.
Additionally, he generously made political contributions and charitable investments to the city, supporting initiatives such as a soccer complex and a children’s hospital.
How Miami lures big hedge funds away from other cities
Attracted by Florida’s favorable climate and tax advantages, Griffin is one of many billionaires who have invaded Miami in recent years.
A total of 160 Wall Street firms have left the Big Apple in recent years; 56 of them moved to Florida, wresting $1 trillion in managed financial assets from Manhattan.
Amazon founder Jeff Bezos became the latest billionaire to announce plans to move to Miami earlier this month.
In his remarks, Bezos mentioned his desire to be closer to his Miami-based parents as well as the expansion of his Florida-based space exploration company, Blue Origin.
Florida is one of nine states in the country that has no capital gains or income tax. In late 2020, Elliott Management, a hedge fund, and Goldman Sachs both relocated their asset management operations to Florida.
A few months later, the largest private equity firm, Blackstone, spent $230 million to open a new office in Miami. In 2020, wealthy New York-born activist investor Carl Icahn moved from his birthplace to Florida for tax purposes.
It was reported in October that the migration of the mega-rich to Florida was driving up real estate prices.
According to major real estate company Redfin, the typical sales price for single-family homes in Palm Beach reached $14 million in September 2023, an increase of 117% year-over-year.
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