For years, NYC has dominated America’s finance industry with the NYSE and hundreds of millions of dollars being traded daily. However, with financial bigwigs Ken Griffin, Carl Icahn, and Paul Singer all recently relocating to Miami, the magic city may be on its way to overthrow NYC.
Ken Griffin, CEO and Citadel founder, made the prediction at a conference in Miami earlier this week, stating his opinion that Miami represents “the future of America.”
“We’ll see how big Wall Street South becomes,” (the nickname for Miami’s financial district) said Griffin, reported Bloomberg. “We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.”
The hedge fund tycoon moved Citadel headquarters from Chicago to Miami earlier this year. The reason for the move apparently came down to a multitude of factors including safety, better schools, and Miami’s cleanliness and politics.
“New York is the financial capital of America today, and it’s New York’s to lose,” he told Bloomberg.
With a total of 160 Wall Street firms relocating in recent years, $1 trillion in financial assets have been taken out of Manhattan, according to World Red Eye.
Only time will tell whether Griffin’s prediction comes true.