Billionaire Ken Griffin says Miami could unseat New York as the world’s financial center – after moving his Citadel empire from Chicago

After moving his Citadel hedge fund to Miami from Chicago, billionaire Ken Griffin believes The Magic City could one day surpass New York as the financial capital of the world.

“We’ll see how big Wall Street South becomes,” Griffin said Bloomberg News Tuesday at a conference in Miami. “We’re in Brickell Bay, and maybe in 50 years Brickell Bay North will be how we refer to New York in the financial world.”

However, he acknowledged, “Today, New York is the financial capital of America. And it’s New York’s to lose.

“The density of talent, both in financial services and in large numbers in New York City, is among the best in the world,” he added. “It’s a very unique and powerful city…New York has so much to offer.

“That said, I think Miami represents the future of America – an incredibly vibrant economy,” Griffin continued.

Griffin moved his company to Miami last year and plans to build a $1 billion waterfront tower that will serve as the Citadel’s headquarters.

“This is a state that has done a fantastic job of electing people to office who care about safe streets, good schools and good jobs. And it’s really great to be in a state where that’s the focus of your leaders,” he said.

“I say that as someone who spent 30 years in Chicago and saw my city spiral into anarchy under bad governance,” Griffin said.

Griffin moved his company to Miami last year and plans to build a $1 billion waterfront tower that will serve as the Citadel’s headquarters.

He has also spread political donations and philanthropic investments in the city, financing projects including a children’s hospital and soccer facility.

Griffin is one of several billionaires who have flocked to Miami in recent years, drawn by Florida’s weather and tax benefits.

Earlier this month, Amazon founder Jeff Bezos became the latest billionaire to announce plans to move to Miami.

In his statement, Bezos cited the growth of his space exploration company Blue Origin, which is based in Florida, and that he wanted to be closer to his parents, who live in Miami.

Florida is one of nine states in the country that has no capital gains or income tax.

Earlier this month, Amazon founder Jeff Bezos became the latest billionaire to announce plans to move to Miami

New York-born billionaire activist Carl Icahn left his hometown in 2020 for tax reasons

Indian Creek Island near Miami is known as the ‘Billionaire’s Bunker’ because of its affluent residents

At the end of 2020, Goldman Sachs moved its asset management operations to Florida, as did hedge fund Elliott Management. Just a few months later, the largest private equity firm, Blackstone, spent $230 million to open a new office in Miami.

New York-born billionaire activist investor Carl Icahn also left his hometown for Florida in 2020 for tax reasons.

In October, it was reported that the migration of the mega-rich to Florida was driving up real estate prices.

The median sales price for single-family homes in Palm Beach was $14 million in September 2023 — up 117 percent year-over-year, according to national real estate brokerage Redfin.

Palm Beach is just north of Miami, where prices have risen 7.7 percent in the past year to a median sales price of $599,000 for a family home.

This is significantly more than other more northern Florida hotspots such as Orlando, where the average price is $425,000 – a more modest increase of 1.9 percent over the past year, which is less than the inflation rate of 3.7 percent in the twelve months to September.