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Report
Big Tech and billionaires suddenly can’t resist the lure of South Florida
Fortune
Follow
4/30/2024
Microsoft, Amazon, and now Apple are also reportedly increasing their presence in South Florida.
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Tech
Transcript
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00:00
The ultra-wealthy and their businesses are beginning to move their millions to Florida.
00:04
The Sunshine State is now home to some of the nation's highest-profile brands across
00:08
various industries. Citadel and Citadel Securities have made Miami their permanent headquarters,
00:13
and JPMorgan Chase CEO Jamie Dimon used his annual shareholder letter to highlight the
00:18
renovation of the company's Tampa offices and the $210 million it will add to the local economy.
00:24
Microsoft, Amazon, and now Apple are also reportedly increasing their presence in the area,
00:29
and Amazon announced a hunt for office space following Jeff Bezos' move from Seattle.
00:34
Key factors like Florida's lack of a personal income tax,
00:37
tropical weather, and pool of high-caliber talent are big draws for corporations.
00:42
Dimon recently said New York is obviously still the financial center of the world,
00:47
but warned the powerhouse could lose its crown if it's not careful.
00:50
Data by EIG found that during the pandemic, $16.5 billion in taxable income flowed out of
00:56
Manhattan and $4.6 billion if it was bound for Florida. Florida was the biggest beneficiary of
01:02
inflows between 2020 and 2021, raking in an additional $39 billion from inhabitants moving
01:08
from other states.
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