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Will Wall Street Move from Manhattan to Miami?

Ken Griffin, who moved the headquarters of his multi-billion-dollar hedge fund Citadel from Chicago to Miami last year, thinks the answer may be yes. Now Gazillionaire Jeff Bezos of Amazon fame is practically moving down the street from Griffin. Then there are other Wall Street icons including Carl Icahn and our friend Paul Singer – both of whom have moved their financial operations from Wall Street to South Florida.

“Miami represents the future of America,” said Griffin at the Citadel Securities Global Macro Conference in Miami.  He predicts that Florida could become the world’s new financial mecca because “it has an environment that encourages growth.” What a concept.

The exodus of money out of New York and relocated into Florida has reached an all-time high in recent years, according to IRS tax return data. We’ve never understood how a city that wants to retain its status as the world’s center of capital could charge the highest capital gains tax rate in the country.

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