Big Tech and billionaires suddenly can’t resist the lure of South Florida

Microsoft, Amazon, and now Apple are also reportedly increasing their presence in South Florida.

Transcript

00:00The ultra-wealthy and their businesses are beginning to move their millions to Florida.

00:04The Sunshine State is now home to some of the nation's highest-profile brands across

00:08various industries. Citadel and Citadel Securities have made Miami their permanent headquarters,

00:13and JPMorgan Chase CEO Jamie Dimon used his annual shareholder letter to highlight the

00:18renovation of the company's Tampa offices and the $210 million it will add to the local economy.

00:24Microsoft, Amazon, and now Apple are also reportedly increasing their presence in the area,

00:29and Amazon announced a hunt for office space following Jeff Bezos' move from Seattle.

00:34Key factors like Florida's lack of a personal income tax,

00:37tropical weather, and pool of high-caliber talent are big draws for corporations.

00:42Dimon recently said New York is obviously still the financial center of the world,

00:47but warned the powerhouse could lose its crown if it's not careful.

00:50Data by EIG found that during the pandemic, $16.5 billion in taxable income flowed out of

00:56Manhattan and $4.6 billion if it was bound for Florida. Florida was the biggest beneficiary of

01:02inflows between 2020 and 2021, raking in an additional $39 billion from inhabitants moving

01:08from other states.