Finance is moving out of NYC and going south.
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 as attractive to bankers through an initiative called the DWNTWN campaign.
Lloyd Blankfein and Leon Black are rumoured to have bought Miami condos recently, and the latest hotshot to move their 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.”
The nightlife and beaches don’t hurt either.
Everest Capital, which manages an estimated $US2.3 billion, is headquartered in Miami along with private-equity companies like Trivest and HIG Capital.
And with the growing Latino market, setting up shop in Miami means capitalising on a growing Latin American client base.
Leading the nation in luxury car sales, Miami is an epicentre for extravagent and exotic cars.
Almost 14-per cent of all cars sold in Florida are from luxury brands compared to 11-per cent in New York.
Even more interesting, the 2013 median household income in Florida is less than New York, at $US42,751 and $US60,663 respectively.
Even more of a reason to make the jump to Florida, it's cheaper to own a home in Miami-Dade County than it is to rent one. According to Miami Association of Realtors, the median sale price was $US235,000 compared to New York's $US442,600.
By the way, New York's cost of living is nearly 30-per cent above the national average compared to Miami's 10-per cent.
The average temperature year round in Miami is 76 degrees Fahrenheit and the well-to-do from all over the Northeast know this.
October through March is considered the high season for Miami's charity balls, exclusive dinners, and yacht parties for venture capitalists, hedge fund managers, and other investment-driven companies.
In 2013, approximately 4 million passengerspassed through the terminals of Port of Miami.
Miami's waterways are a yachter's paradise with proximity to the Bahamas, Cuba, Cancun, the Dominican Republic, and most everywhere in the Caribbean.
Miami International Airport is ranked 3rd in the U.S. for international passenger traffic with 33.5 million travellers.
Pilots with private jets are offered a private hangar, refueling services, customs and immigration clearance, and ground services. The facility is open 24-hours a day and features a shower area, pilot lounge, wifi, and car rental services.
Miami is already packed to the gills with Wall Streeters going in and out of it all winter long because hedge funds love to have conferences there while it's cold in NYC. The Morgan Stanley-Lyford Key conference was moved from the Bahamas to South Beach, for one.
And we hear these conferences are stacked not just with interesting speakers, but also cool events for attendees.
Take steakhouse STK, for one. There's a Catch Miami, a Nobu and a Tao too.
After dinner you'll soon be able to hit the casino too. Genting is building one on Miami's water front. It will be slots only though.
There are over 500 bars and club in Miami, familiar favourites include a Dream Hotel South Beach and Soho House Miami.
Then of course there are the Miami natives. LIV in the Fontainebleau Hotel is the most expensive nightclub in Miami Beach. Kim Kardashian had her birthday there w/ Kayne (if that means anything to you).
LIV: hottest and most expensive nightclub in Miami Beach, Kim K has her birthday there w/ Kayne
An offshoot of the annual art fair in Basel, Switzerland, Art Basel Miami Beach is a star-studded potpourri of artists, gallery owners, collectors and A-listers.
The influx of super-rich in attendance turns the five-day festival into a seemingly endless schedule of nightclubbing and poolside cocktail parties.
For Wall Streeters, Jim Chanos' Art Basel party is an absolute must.
The city has 194 museums, theatres, stadiums and 626 galleries and concert venues, including the new Perez Art Museum Miami.
And with more than 960 buildings, Miami Beach's Art Deco district is home to the world's largest collection of Art Deco Architecture.
The 25 art deco-filled blocks are a classic representation of Miami's luxury, glamour, and exuberance.
Miami is packed with A-list celebs like Anna Kournikova, Oprah, Shakira, Lenny Kravitz, Gloria Estefan and former General Attorney Janet Reno.
Miami is home to one of the most exciting teams in the NBA, The Miami Heat.
The Dolphin's are there too, if you like football.