Follow the money: Citadel boss Ken Griffin may have given Ron DeSantis a huge boost as he not-so-subtly slams Dem-run cities
TALLAHASSEE, FLORIDA: Billionaire hedge fund manager Ken Griffin sang praises of Ron DeSantis’ government as he claimed that Miami could one day supersede New York as the financial capital of the world.
The 55-year-old Citadel boss, who is building a new $1 billion HQ in Miami's Brickell Bay district, told Bloomberg that The Magic City could soon rise as a financial hub as finance companies and tech CEOs increasingly flock to the city.
“We'll see how big Wall Street South becomes,” he said in remarks at the Citadel Securities Global Macro Conference in Miami, according to Daily Mail.
“We're on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance,” Griffin stated, admitting “New York is the financial capital of America today. And it's New York's to lose.”
What did Ken Griffin say about Ron DeSantis’ administration?
Griffin continued by emphasizing Miami’s 'incredibly vibrant economy', saying, “The density of talent, both in financial services and just writ large in New York City is among the top in the world.”
“It's a very unique and powerful city...New York just has so much to offer. Having said that, Miami I think represents the future of America — an incredibly vibrant economy,” Griffin continued.
The billionaire then praised DeSantis’ administration. “Who cares about safe streets, good schools and good jobs. It's great to be in a state where those are the focuses of your leaders,” he said.
“I say that as somebody that was committed to Chicago for 30 years, who saw my city devolve into anarchy under poor governance,” said Griffin.
Over the years, Miami has become a new hub for finance titans including Griffin moved his business to the city last year, and he intends to construct a $1 billion beachfront skyscraper to house Citadel's main office.
In addition, he has lavished the city with political contributions and charitable investments, supporting initiatives like a soccer complex and children's hospital.
How Miami is luring big hedge funds away from other cities
Attracted by Florida's favorable climate and tax benefits, Griffin is among the numerous billionaires who have swarmed to Miami in recent years.
A total of 160 Wall Street companies have left the Big Apple in recent years; 56 of them relocated to Florida, snatching $1 trillion in managed financial assets from Manhattan.
Jeff Bezos, the founder of Amazon, became the latest billionaire to declare plans to move to Miami earlier this month.
In his remarks, Bezos mentioned his desire to move nearer to his Miami-based parents as well as the expansion of his Florida-based space exploration company Blue Origin.
Florida is among nine states in the country that do not have capital gains or state income tax. Late in 2020, Elliott Management, a hedge fund, and Goldman Sachs both relocated their asset management operations to Florida.
Just a few months later, the largest private equity firm, Blackstone, spent $230 million opening a new office in Miami. In 2020, wealthy activist investor Carl Icahn, who was born in New York, moved from his birthplace to Florida for tax purposes.
It was reported in October that the migration of the mega-wealthy to Florida was driving up the prices of real estate.
According to major real estate company Redfin, the typical sale price of single-family houses in Palm Beach reached $14 million in September 2023, an increase of 117% year over year.