David Sacks, an entrepreneur and investor who currently serves as the artificial intelligence and cryptocurrency czar for the Trump administration, predicted that Miami will replace New York City as the nation’s financial capital.
New York City has long been home to the country’s most important banks and financial institutions, serving as a key hub for the global economy.
But amid a stifling business and tax environment as well as elevated crime rates — which many believe will worsen under New York City Mayor Zohran Mamdani — some businesses have looked to expand beyond the Big Apple.
“As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital,” Sacks predicted on Jan. 1, the day on which Mamdani was sworn in.
As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital.
— David Sacks (@DavidSacks) January 1, 2026
Outgoing now-former Miami Mayor Francis Suarez, a Republican, agreed with the sentiment from the former PayPal executive.
“We’ve already moved companies to Miami — either an office or a headquarters — that collectively manage over 13 trillion dollars in AUM,” Suarez posted, referring to assets under management.
We’ve already moved companies to Miami – either an office or a headquarters – that collectively manage over 13 trillion dollars in AUM. https://t.co/tfRsiywF0P
— Francis X. Suarez (@FrancisSuarez) January 1, 2026
Since 2020, companies like JPMorgan Chase, Goldman Sachs, Blackstone, and Icahn Capital Management have expanded their footprints in Miami.
Citadel, the investment firm owned by Ken Griffin, moved their headquarters to the Miami area in recent years as well.
Griffin previously pointed to high crime and an unfriendly business climate as motives for the transition.
“I’ve lived in a failed city-state. I lived in Chicago for 30-some years. I had two colleagues who had bullets fly through their cars,” Griffin told Fox News in November.
“I had 25 bullet holes in the front of my building where I lived. You can’t live in a city awash [with] violent crime,” he added.
Citadel manages roughly $65 billion in assets.
While many financial businesses have indeed moved to Miami in recent years, Suarez was replaced last month by Eileen Higgins, the first Democrat to win election as mayor of Miami since 1998.
The campaign victory came amid broader off-year election wins for Democrats.
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