The government of Palm Beach County has become the largest municipal investor in Israeli bonds globally, particularly notable as New York City’s mayor, Zoran Mamdani, endorses a boycott of Israel.
This announcement was made by Palm Beach Auditor Mike Caruso on Wednesday. The latest purchase of Israeli bonds is valued at $350.5 million, pushing the county’s total investment in such bonds to $1 billion.
This figure represents the largest local government investment in Israeli debt in both the United States and worldwide.
Interestingly, bonds from Israel constitute about 16% of the county’s investment portfolio.
“Investment policy is driven by safety, liquidity, and market returns—not politics,” Caruso explained.
He further noted that “Israel bonds offer higher interest rates compared to other investment options like U.S. Treasuries, which ultimately can provide a significant return for the residents of Palm Beach County.”
In remarks highlighting U.S.-Israel relations, Palm Beach Secretary of State Maria Sachs referred to Israel as America’s “greatest ally.” This was stated during a press conference.
To put things in broader context, Florida’s pension fund has invested around $350 million, with New York’s pension fund doing something similar.
This development follows revelations that former New York City Comptroller Brad Lander, known for his criticism of Israeli policy, had ceased further investments in Israeli bonds from city-managed pension funds.
In contrast, Mamdani advocates for a boycott, divestment, and sanctions (BDS) movement against Israel, labeling it an apartheid state due to its ongoing land disputes with Palestinians.
A representative from Israel Bonds confirmed Palm Beach County’s status as the largest investor in these bonds.
“We appreciate Palm Beach County’s ongoing support and trust in Israel Bonds. This investment is part of a larger trend of increasing global investment, with annual global sales surpassing $2 billion for the third consecutive year, totaling more than $5.7 billion worldwide in the two years up to October 7,” remarked Dani Nabe, President and CEO of Israel Bonds.
