Billionaires Promote Florida as Business Hub
Billionaires Stephen Ross and Ken Griffin, having relocated to Florida from New York City and Chicago, believe the state is the premier place for businesses to thrive. They are investing $10 million in a campaign to persuade other CEOs and founders to make a similar move.
“South Florida might just be the only place where CEOs and founders can grow from 10 to 10,000 employees,” Ross shared. While other cities have their charms, he feels they fall short in supporting the ambitious business culture found in this region.
According to the two, the future leaders of business transformation will likely emerge from South Florida. In a promotional video slated for release, Griffin and Ross state that “Florida is the future” and aim to position it as “the new Silicon Valley.”
Griffin, founder of the Citadel hedge fund, has an estimated worth of around $51.3 billion, as reported by Forbes. Ross, the founder of the real estate firm Related Companies, is valued at about $17 billion, according to the same source.
They are behind the Ambition Accelerated initiative, launched through the Florida Council of 100. This campaign seeks to connect with CEOs and investors through national advertising and direct outreach, highlighting Florida’s Gold Coast—from Miami to West Palm Beach—as an optimal location for business growth.
Not just limited to advertisements, the initiative includes a concierge program designed to aid management teams in relocating their operations, navigating regulations, and establishing a presence in the area.
For years, businesses have been moving away from New York and California, a trend that gained momentum during the pandemic. However, this campaign marks one of the first prominent efforts to make Florida the premier destination for innovators.
It’s worth noting that both Ross and Griffin stand to benefit from this wave of relocations (not that they really need it). Griffin’s Palm Beach residence is valued at a staggering $1 billion, and he’s also working on redeveloping a shopping center in Palm Beach while expanding Citadel’s $2.5 billion headquarters in Miami.
Meanwhile, Ross has initiated a Palm Beach-focused segment of his company, having invested $10 billion in real estate across the region.
Yet, campaign advisers emphasize that both men sincerely believe that the future of American business hinges on entrepreneurs finding conducive environments for growth—environments increasingly difficult to uncover.
The announcement of this initiative came during the Wall Street Journal’s Invest Live conference in West Palm Beach. The event featured contrasting signage, with one proclaiming, “They’re regulating ambition,” while another countered with, “We’re accelerating it.”
At the recent World Economic Forum in Davos, Griffin voiced frustration with Democratic policies, describing the Biden administration’s regulations as “exhausting” and burdening the American economy.
Reports have indicated that California lost nearly $1 trillion in wealth last month over concerns related to a proposed “billionaire tax,” although it’s unclear how much has shifted to Florida. Additionally, New York City is said to have lost at least $14 billion in tax revenue to Florida since 2020.
