Billionaire Ken Griffin says Miami could overtake New York as a financial hub

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Ken Griffin and Jeff Bezos

Citadel founder Ken Griffin and former Amazon CEO Jeff Bezos attend an event on Miami Beach.Alexander Tamargo/Getty Images

  • Ken Griffin told Bloomberg that he thinks Miami “represents the future of America.”

  • The Citadel founder said that the city could one day overtake New York as the US’ financial hub.

  • Wall Street giants and tech CEOs are flocking to Miami, with Jeff Bezos moving from Seattle.

Ken Griffin has said that Miami “represents the future of America” and hinted that the city could one day supersede New York as a financial hub.

The founder of hedge fund Citadel, which is building a new $1 billion HQ in Miami’s Brickell Bay district, told Bloomberg that “Wall Street South” could overtake its northern rival in the future as finance companies and tech CEOs increasingly flock to the city.

“Miami, I think, represents the future of America,” he said, adding that Florida’s pro-business political environment favors growth.

“We’ll see how big ‘Wall Street South’ becomes. We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North, how we refer to New York in finance,” he said.

Despite this, Griffin still had good things to say about New York, where Citadel is planning a new 1,350-foot skyscraper, describing the city as the “epicenter of thoughtful people passionately engaged in their careers.”

Citadel moved to the Sunshine State last year from Chicago, where the financial firm has been based since its inception. Executives cited the crime rate in the windy city as a major reason for the move, with Griffin describing Chicago as “like Afghanistan on a good day.”

The company is building a new $1 billion headquarters in Brickell Bay, Miami’s financial district. The area has been nicknamed “Wall Street South” after several major New York firms chose to invest in the city’s booming financial scene.

Griffin is not the only major US business figure to sing Miami’s praises recently. Amazon founder Jeff Bezos recently announced he would move to the city from Seattle, where he started the company.

The Blue Origin CEO said that he wanted to move to be closer to his parents — though he is also set to save a huge amount on taxes with the move. Florida doesn’t have capital gains, estate, state income, or wealth taxes.

Citadel did not immediately respond to a request for comment from Insider, made outside normal working hours.

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