James Koutoulas, the founder of the $250 million Typhon Capital Management, says that Miami will overtake New York as the next financial epicenter. And he's not alone in thinking Miami is trending in this direction.
But let's take a quick step back to explain how we got here
Miami has become the crime scene of a modern-day gold rush.
Wealthy individuals, finance behemoths, and crypto associations flock to South Florida to dig out the next epicenter of wealth. Following the brave golddiggers, Miamians can observe flocks of accountants, consultants, lawyers, and marketers following their juiciest clients.
From this angle, it may seem like the entire Forbes list and wall street is relocating to Sunshine State's sunnies neighborhoods.
The Wall Street of the South
The world of finance loves South Florida. And you can blame it on the tax-friendly environment, sunshine, and a pro-business climate.
Miami has become so business-friendly and progressive that mayor Francis Suarez personally bet his political career on the future of crypto. He arranged the minting of MiamiCoin and deposited $5.25 million in the city treasury. How much that treasury is worth today is up for debate. But the point here is that crypto is as business progressive as it gets. And Miami wants to be the city where business innovation coins its heydey.
Next to crypto, Miami has welcomed countless financial heavyweights to its courtyards. Some of the biggest names off this list chose the Brickell Financial District as their sunny home. Meanwhile, others leased their new offices in Downtown Miami, Coconut Grove, Boca Raton, Palm Beach Gardens, and Fort Lauderdale.
Here are a few high-profile newcomers that might ring a bell
- Citadel: One of the largest American hedge funds is moving its headquarters from Chicago to Miami's Palm Beach, per the official announcement.
- Apollo Global Management (NYSE: APO): One of the largest private equity companies secured a 24,000 square-foot Brickell location, planning to turn it into its new home.
- Boston Private: This giant investment management doubled its office size in Miami's Brickell
- Blackstone Inc (NYSE: BX): The famous alternative investment company signed a lease on a 41,000-square-foot property in Downtown Miami.
- Elliott Management Corp: This fund moved its corporate headquarters from Manhattan to West Palm Beach.
Miami also welcomed finance companies like D1 Capital, ManhattanLife Insurance, and Moore Capital Management, together with many others.
Will Miami overtake New York as the next finance epicenter?
It's hard to be certain. The number of large finance companies moving and sprouting in Miami is rapidly growing by the day. Crypto societies, insurance firms, hedge funds, wealth managers, financial lawyers, accountants, and everyone with ties to the finance world is now thinking about South Florida.
Miami is fastly expanding and growing to become the place where you can move to forge your American dream. However, this may bring an entire lot of issues that usually come when a wealthy flock moves next door. Miamians will face hurdles as their rents increase and property prices continue to rise.
Do you think Miami can overtake New York as the capital of finance?
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