Miami Is Wall Street South - Here's Why
Miami is a financial gateway to the Americas.
While New York remains the undisputed center of the hedge-fund universe, there are approximately 70 hedge and private equity funds now headquartered in Florida.
Everest Capital, which manages an estimated $2.3 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 capitalizing on a growing Latin American client base.
Lower taxes mean more cash in your pocket for what matters.
In Florida, there are no individual income taxes, no estate taxes and no capital gains taxes.
So if you think about it, a hedge fund manager reporting $1 million in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.
Like taking advantage of Miami's many luxury shops.
Leading the nation in luxury car sales, Miami is an epicenter for extravagent and exotic cars.
Almost 14-percent of all cars sold in Florida are from luxury brands compared to 11-percent in New York.
Even more interesting, the 2013 median household income in Florida is less than New York, at $42,751 and $60,663 respectively.
Homes are spacey and private, and set at prices that won't break a Wall Streeter's bank.
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 $235,000 compared to New York's $442,600.
By the way, New York's cost of living is nearly 30-percent above the national average compared to Miami's 10-percent.
Plus, the weather basically looks like this all the time.
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.
Speaking of yacht parties, Miami has the largest port in the world.
In 2013, approximately 4 million passengerspassed through the terminals of Port of Miami.
And the beaches are so great you can forget the Hamptons already.
Separated from mainland Miami by Biscayne Bay, Miami Beach is an exclusive barrier island with 9-miles of pristine beaches.
Recently named as one of the top five beach cities in the world, Miami Beach is an international playground that is steps away from a rowdy Ocean Drive nightlife.
If you aren't traveling by private yacht, there are three airports.
Miami-based investment conferences fill those airports with Wall Streeters all winter anyway.
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.
No need to look for new restaurants to love either, since a lot of NYC favorites are in Miami too.
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.
The same goes for Mami's incredible nightlife scene.
Then there's the non-stop party that is Art Basel.
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.
During the daytime, you can soak up Miami's culture.
The city has 194 museums, theaters, 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.
You won't miss your NYC celeb sightings.
Miami is packed with A-list celebs like Anna Kournikova, Oprah, Shakira, Lenny Kravitz, Gloria Estefan and former General Attorney Janet Reno.
And of course, you can't forget the Heat.
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.
Here's where you could live in Miami...
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