Citadel CEO says Miami could become the new financial capital of America

Citadel founder and CEO Ken Griffin suggested on Tuesday that Miami could eventually replace New York City as the financial capital of America.

“New York is the financial capital of America today, and it’s New York’s to lose,” Griffin told Bloomberg at a conference in the southern Florida city. 

“The density of talent both in financial services and just writ large in New York City is amongst the top in the world,” he continued, adding, “It’s a very unique and powerful city, both in the United States and around the world.”

However, Griffin said he thinks Miami represents the future of the country.

“We’ll see how big Wall Street South becomes,” he said, according to Bloomberg. “We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.”

The billionaire has bought hundreds of millions of dollars’ worth of real estate in the Sunshine State in recent years, including a $107 million waterfront estate in Miami, according to the Wall Street Journal.

Griffin also announced plans to move Citadel’s headquarters from Chicago to Miami last year.

“I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” he said in a note to employees reported by Reuters at the time. “Miami is a vibrant, growing metropolis that embodies the American Dream.”