The latest buzz on Wall Street is all about the migration of hedge funds to warmer, sunnier locales — in particular, Palm Beach County in Florida. The county has created the Palm Beach County Business Development Board to help encourage and attract firms, especially those in financial services, to the area.
Kelly Smallridge, who runs the Palm Beach County Business Development Board, told the New York Post, “We’re not doing a multimillion-dollar marketing campaign. We don’t need to. They’re coming to us.”
People aren’t just going there for the fun and sun — Palm Beach also makes business sense, too.
The New York Post highlighted this key fact, which can significantly increase one's take-home pay:
there's no state income tax in the Sunshine State. Compare that to New York, where the state and local governments took $14.71 of every $100 earned in 2010, according to state records.
Source: New York Post
The chart to your right, which displays the average monthly high and low temperatures in Palm Beach, speaks for itself. For comparison's sake, the average temperature in Palm Beach is about 20 degrees higher than in New York City.
For example, here's what a meal will cost you at Echo, which serves Asian fusion cuisine and was ranked the second-best restaurant in Palm Beach by Haute Living:
Appetizer: Seaweed Salad, $10
Entree: Thai roast duck with Asian vegetables, lychee, and red curry sauce, $26
Drink: A glass of Palazzo della Vittoria, Pinot Grigio, 2011, $9
Dessert: Molten Chocolate Lava Cake, $10
There are 45 miles of pristine coastline in Palm Beach, where you can lounge in the sand or dip your toes in the Atlantic Ocean. That's a far cry from stepping on syringes at Rockaway Beach or making the trek out to Jones Beach.
Source: Parks & Rec
Ratings agency Fitch 'described Palm Beach County as one of the nation's wealthiest counties, with per capita personal income levels nearly 50 per cent higher than state and national averages.'
The median household income in Palm Beach is in excess of $94,000, adjusted for inflation.
The Palm Beach Business Development Board asserts that 'Schools in Florida are graded based on student achievement, and those in Palm Beach County are among the highest-rated in the state.' There's a plethora of private schools available, too.
Palm Beach is home to the National Croquet centre, which at 10 acres is the largest of its kind in the country. There's no classier way to unwind after a long day at the office.
Source: National Croquet centre
American Airlines arena, home of the 2012 World Champion Miami Heat, is just a short ride down the I-95. You'll get to see LeBron James (arguably the greatest basketball player of all time) up close, along with Dwayne Wade, Chris Bosh, and the rest of the team.
The Miami Marlins and St. Louis Cardinals call Roger Dean Stadium their home during spring training, which takes place from mid-February to early April each year. That's a great opportunity to see the young Marlins phenom Giancarlo Stanton.
Jupiter's just half an hour away north on I-95.
Not only are the events high-class, they're also high end. For example, the upcoming 'Buddha Bowl' is described as 'An evening of enlightenment and nirvana where peace and tranquility prevail with cocktails, fragrant foods, mystical music, colourful dancers, and auctions.'
Tickets cost in excess of $1,000.
Source: Miami Herald
Dennis Shaughnessy, Chairman of FTI Consulting, heaped praise on Palm Beach International Airport:
Air travel is also critical for us, and we've found that Palm Beach International Airport is one of the easiest airports in the U.S. for in and out access. Our visitors from out of town all rave about PBIA.