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.”
Of course the trouble with this is that if you move to Miami then you have to live and work in Miami, but the real point is that modern communications have freed the financial industry from Manhattan, and if that city becomes inhospitable, the industry can move. And if they move far away, a lot of Greenwich money will go with it.