- Miami’s debut at No. 24 on the Global Financial Centres Index reinforces the city’s position as a burgeoning global hub for finance and technology.
- West Palm Beach has also undergone significant transformation into what some are calling “Wall Street South,” driven by investments and developments from New York real estate moguls.
- The rapid financial and real estate growth in both Miami and West Palm Beach underscores South Florida’s emerging role as a significant player in the global financial arena.
South Florida is rapidly cementing its status as a significant financial hub on the global stage, fueled by the remarkable ascents of Miami and West Palm Beach. Miami recently debuted at No. 24 on the Global Financial Centres Index, making it a city to watch in the global financial ecosystem. Meanwhile, West Palm Beach is gaining traction as “Wall Street South,” attracting New York’s financial elite and spurring unprecedented growth.
Miami’s entry into the Global Financial Centres Index comes on the heels of its pandemic-driven rise as a major tech and finance hub. Since March 2020, the city has drawn venture capitalists, private equity titans, and entrepreneurs away from traditional hubs like New York and California. Big players like Point72 Asset Management, Apollo Global Management, and Blackstone have set up operations, and Citadel CEO Ken Griffin moved his hedge fund and securities trading firm to Miami’s Brickell neighborhood.
Miami’s Global Financial Centres Index ranking made it Florida’s only city to make the worldwide list, and was also good enough to rank it 7th out of all North American cities.
Meanwhile, West Palm Beach has seen its own dramatic transformation, much of it credited to New York real estate magnates Stephen Ross and Ken Himmel. Their company, Related, has initiated multiple commercial and residential properties in the area, including a key project known as The Square aimed to be the central retail destination.
While Miami and West Palm Beach have both experiencing a real estate boom, the downside is that housing prices in both areas have skyrocketed, pricing many middle and lower-income families out of the market. But the surge in financial activities and developments in these two cities is also pushing average incomes up, so that South Florida is no longer just a retirement or vacation destination but a powerhouse in the financial world. Both cities are also poised for further growth, making South Florida a region that is increasingly difficult for global investors to ignore.