Paradise means something different to all of us and for those ingrained in the financial markets New York City has always been top of the list for a variety of reasons, though times are changing and it’s both interesting and exciting to see South Florida (Miami and Palm Beach in particular) become known as “Wall Street South.”
The real question comes down to why this is happening, who’s supporting the growth, and ultimately what makes South Florida appealing to the biggest institutional investors around the globe who have the financial muscle to go anywhere? We’re going to dig into this more.
First and foremost, headlines are ubiquitously filled with the U.S. states that have chased away big business with their confiscatory policies, while on the flip side South Florida is clearly doing things differently across the board even down to the county/local level. Palm Beach County said it best on their website: “As more businesses flock to the Palm Beaches, it’s clear that the quality of life, top-tier schools and business-friendly environment are key factors driving their decision.”
They went on to add: “This movement includes the expansion of major financial institutions, including Citadel, BlackRock, Elliott Management, Goldman Sachs, Virtu Financial, Point72 and more.”
Secondly, when it comes to your hedge fund, family office or other financial institution have you considered taking the plunge and relocating to South Florida? If so, smart move! Though you have to get all of your ducks in a row beforehand.
Without digging too much into the weeds (or Everglades in this context), we thought it would be helpful to answer a couple top questions we’re getting and seeing asked online related to Wall Street South:
Is Wall Street Moving to Florida?
Founded in 1792 and known as the financial capital of the world, New York City will always be the pinnacle of Wall Street. On the flip side it’s important to recognize the current trend that supports many influential investors, including billionaires, expanding their horizons by relocating to South Florida while also keeping offices/residences in NYC. This doesn’t mean Wall Street itself is moving; rather more so a byproduct of strategic diversification with a sprinkle of pristine beaches versus snow.
What is Considered Wall Street South?
As we’ve watched the rise of institutional investors relocating to South Florida and terminology pop up like Wall Street South it’s become a very fluid map where we can rely on resources like the Palm Beach County website along with what other reputable news sources report on.
As of the time this blog was posted, Wall Street South includes the following cities: Boca Raton, Miami, Palm Beach, West Palm Beach.
Looking forward to seeing how things progress in the future! We are living in an exciting era that will forever change how we view the financial markets and world as a whole.