• Thu. Apr 18th, 2024

Forget New York. Hedge Funder Ken Griffin Thinks Miami Could Become the World’s Financial Capital.

The South may literally be one of the hottest parts of the United States, but it’s heating up metaphorically as well.

Florida, in particular, has seen massive growth over the years. So much so that billionaire Ken Griffin thinks Miami could supersede New York as the world’s financial center, Bloomberg reported on Tuesday. The hedge funder himself moved to Miami last year, and he clearly thinks that his adopted hometown is the place to be.

More from Robb Report

“We’ll see how big Wall Street South becomes,” Griffin told Bloomberg during the Citadel Securities Global Macro Conference in Miami. “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 is making some big bets in Miami, Bloomberg noted. He’s working on a new waterfront tower and Citadel headquarters that’ll cost more than $1 billion to build. Worth $35.4 billion himself, he’s donating some of his wealth to various political and philanthropic organizations in the state, including children’s hospitals and soccer teams. And just last month, it was reported that Griffin is creating what will become the world’s most expensive home: a 50,000-square-foot mansion in Palm Beach that will be worth $1 billion.

Other Wall Street execs have been lured to Florida by the state’s mild weather and low taxes, leading to Griffin’s prediction that Miami will become a financial center in the future. Those sorts of perks have led all sorts of people to move to the South in droves, with the region gaining more than $100 billion in wealth since 2020. In contrast, the Northeast lost about $60 billion in the same time frame.

While Griffin may be shifting his focus toward Miami, he’s not giving up on New York altogether. The billionaire is working on a new Manhattan building for Citadel too, which will measure in at some 1,350 feet, with 51 office floors and seven terraces, according to Bloomberg.

“The density of talent both in financial services and writ-large in New York City is amongst the top of the world,” Griffin said. “It really is the epicenter of thoughtful people passionately engaged in their careers.”

That may be Griffin’s outlook now, but it seems he may change his tune in the years to come. “Miami, I think, represents the future of America,” he added.

New York, it’s been nice knowing you. Welcome to Miami North.

Sign up for Robb Report’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.

Click here to read the full article.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *