Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene.
It's already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself attractive to bankers through an initiative called the DWNTWN campaign.
Lloyd Blankfein and Leon Black are rumored
to have bought Miami condos recently, and the latest hotshot to move his business there is Mark Spitznagel, founder of hedge fund Universa Investments.
“Florida’s business-friendly policies ... offer the perfect environment for us as we expand,” said Spitznagel. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”
The nightlife and beaches don't hurt either.
Miami is a financial gateway to the Americas.
While New York remains the undisputed center of the hedge-fund universe, there are
approximately 70 hedge and private equity funds now headquartered in Florida.
Everest Capital, which manages an estimated $2.3 billion, is headquartered in Miami along with private-equity companies like Trivest and HIG Capital.
And with the growing Latino market, setting up shop in Miami means capitalizing on a growing Latin American client base.
Homes are spacious and private, and set at prices that won't break a Wall Streeter's bank.
Even more of a reason to make the jump to Florida, it's
cheaper to own a home in Miami-Dade County than it is to rent one. According to
Miami Association of Realtors, the median sale price was $235,000 compared to New York's $442,600.
By the way, New York's cost of living is nearly 30% above the national average compared to Miami's 10%.
During the daytime, you can soak up Miami's culture.
The city has 194 museums, theaters, stadiums and 626 galleries and concert venues, including the new
Perez Art Museum Miami.
And with more than 960 buildings,
Miami Beach’s Art Deco district is home to the world’s largest collection of Art Deco Architecture.
The 25 art-deco-filled blocks are a classic representation of Miami's luxury, glamour, and exuberance.
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