"Miami-Dade makes a historic debut at #24 on the Global Financial [Centers] Index"
As reported by the Miami Herald, Miami's ascent as a prominent tech and finance hub during the pandemic has received further validation with its inclusion in a significant global ranking of financial centers. In the 34th edition of the Global Financial Centres Index, Miami secured the 24th spot worldwide and the 7th spot nationally. This index, which is compiled biannually by the London-based think tank Z/Yen and the China Development Institute, holds great importance for policymakers and influential investors. Miami-Dade Mayor Daniella Levine Cava expressed her delight about this achievement on Twitter, stating, "Miami-Dade makes a historic debut at #24 on the Global Financial [Centers] Index."
The wealth and tech migration
Amid the pandemic, the Miami region experienced an expeditious expansion in its tech and financial industries, as the ease of remote working drew in venture capitalists, private equity magnates, and other business owners from more traditional centers such as New York and California to the Sunshine State.
In March 2020, Point72 Asset Management - the hedge fund owned by Steven A. Cohen - opened an office in Miami. Apollo Global Management and Blackstone have also extended their operations to the city. The most noteworthy corporate migration, however, was when Ken Griffin, the billionaire founder and CEO of Citadel, declared his intention to move his securities trading and hedge-fund firm from Chicago to Miami's Brickell district in 2020, after 32 years of being based in Chicago.
Venture capital companies, like Atomic, Founders Fund, and Andreessen Horowitz, that have their origins in the San Francisco Bay Area, have started operations in Miami. Data from the year 2022 showed a notable rise in the amount of venture capital money spent and the number of investments made in the area, in contrast to the downward trends in other leading tech hubs such as Boston, the San Francisco Bay Area, and the nation overall. (Source)
Despite the investment of venture capital funds in the Miami tech sector declining sharply in 2023, it is anticipated to recover in the coming year and remain a desirable hub.
Miami made its debut in the financial and technology centers worldwide report, listed in the 39th spot. New York took the lead, followed by London, San Francisco, Shenzhen, Singapore, and Los Angeles as the top 6.
The report's final standings had New York on top, with London coming in second. Singapore took the bronze, edging out Hong Kong for fourth. San Francisco and Los Angeles rounded out the top six.
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