Jeff Bezos' new home has Miami billionaires buzzing: 'As good as you get'
Jeff Bezos is the latest billionaire name added to the roster of those who call Miami home in the post-pandemic era: Citadel’s Ken Griffin, venture-capitalist Peter Thiel, Goldman Sachs’ Douglas Sacks, Tiger Global Management co-founder Scott Shleifer and Third Point founder and CEO Dan Loeb are also neighbors.
"I actually wasn't too surprised. I feel like he's coming back home, right?" fellow billionaire and OneWorld Properties CEO Peggy Olin told FOX News Digital. "He has a place of Miami in his heart. He went to Palmetto High, his parents are in Miami. I think for him, it's a natural move."
"I wasn't shocked. I guess my reaction was, of course, why not?" Ytech CMO Andrew Kraynak also told Digital. "What's interesting about Amazon, it is a very decentralized business. And we've seen what they've been going through in terms of creating an East Coast, kind of second headquarters. And right now, it's a very interesting organization. What that means for Amazon in South Florida, I wouldn't hazard a guess. I'm sure there's probably a play there."
"It is obviously one of the most impressive people, I think, on the planet. And it's not just the business acumen and force that comes with him," Property Markets Group managing partner Ryan Shear added, "[but] what that means from an employment base and everything that comes as a result of moving down here."
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Since 2020, the number of billionaires who have relocated to Miami jumped 30%, with 73 business leaders now working and living in the fourth-fastest-growing major city in America, according to population data.
Olin, Kraynak and Shear have a more than $7 billion investment worth combined, and all expressed that Miami is just at the start of its business and cultural maturation.
Amazon founder Bezos announced earlier this month that he’s leaving his 30-year home base in Seattle for Miami, where he recently purchased a $79 million mansion. And just last week, billionaire hedge fund manager Ken Griffin said Miami will overtake New York City as America’s financial capital.
"Right now I think [Bezos] just wants to join in what the rest of the people in the world, the rest of the billionaires in the U.S. are looking for in South Florida, which is that environment that will continue to add quality to your lifestyle and growth for not only you as a company, but also for the people that are with you in the company," Olin noted.
"I don't think you can ever downplay the financial factor and the tax implications that Florida has been able to create for individuals as a very compelling reason. But you're not going to be uncomfortable at his level," Kraynak pointed out. "I do think with the ability business leaders have today to conduct business from anywhere… New York and Chicago are literally a hop, skip and a jump. I think the lifestyle aspect has a play here."
Believing that one of the world’s "greatest business leaders" moving to Miami will result in "a lot" of positives, Shear said, "I think COVID fundamentally changed the way everybody thinks about life in the world: work habits, behavior habits, where they're spending their time… I would guess that he's like, ‘This is where I want to spend my time. It's a really nice place to live every day.’ And that, I think for a person like Jeff, just doesn't have a price tag on it."
When it comes to the deciding factor for Bezos’ move, Olin feels it was his family, while Kraynak and Shear expressed a combination of cost and lifestyle benefits. Those reasons are also why mega-billionaires besides Bezos and Citadel's Ken Griffin have made new homes in Miami.
"I see the transformation happening in Miami, and I think the biggest quality is the people. You have immigrants from all over the world, not only, even though primarily from Latin America, but this is home to people from all over the world. So that really sets up this field for the transformation and the growth of Miami in a very positive way," Olin said.
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"You get more space, better quality of life, and then you add in a better financial situation," Shear also said. "The biggest Achilles heel that people always used to knock Miami about, about just being a fantastic place to vacation or visit, that is probably the most fundamental change you've seen over the past, I would say, five years."
Additionally, all three billionaires agreed with Griffin’s recent take that Miami will surpass New York City’s status as the financial capital of the U.S. They echoed similar sentiments about the Magic City just being at the start of its metropolitan journey.
"When I look at Miami, I think about the fact that you have this huge foundation, this very solid foundation of international finance that already exists in the city, headquartered in Brickell," Kraynak said. "Ken Griffin laid out a destination that's a possibility. Now, I think, to get there, it requires a lot of work and investment by the business leaders and the community so we can develop a depth of financial services and the talent pool that cities like New York and London have developed over decades.... But it's not going to be given. It's going to have to be earned."
"I've always called Miami and South Florida like the Hong Kong of the West," Olin added. "We have all the characteristics that could lead to that and really be a major player in the world. Not only from the diversity, the multilingual [standpoint], but the banking institutions, the proximity with airports. We have one of the largest ports in the United States… All of this cultural phenomenon that's happening to transform the city and make it grow up with the same velocity of the influx of people and those expectations of a city, I think the city's done fantastic with that."
"I think he basically says, ‘I can see growth, growth is just easier in a place like this. They are welcoming it.’ And you're touching on political climate and a multitude of facets here," Shear noted. "But Ken's a visionary. So I think he's seeing out 10 years from now and saying: look, this is a place where businesses can easily grow."
According to the Miami billionaires, Bezos won’t be the last CEO or celebrity to relocate to the Sunshine State’s second-largest city.
"It isn't having a moment, Miami is going through a growth spurt in its evolution," Kraynak argued. "It's evolving, it's taking all that's happened before and it's growing into something different because we now have this new ingredient coming in, these people who have very much lived in the global cities of the world and their expectations. I see Miami being recognized in the next 5 or 10 years, not for just being a global city… but now there’s this perfect mix of culture."
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"You have two of arguably the most important, powerful people in the world, both making juggernaut comments about the city. One thing, it's going be the financial capital of the U.S., and the other basically moving himself plus, plus, plus here," Shear listed. "I don't know what else you could ask for. That to me, that's as good as you get."
"You don't have to really read about it," Olin said. "I think when you're here and you can experience the vibe of what the city's bringing and really emerge yourself, I think you'll feel it, and you'll understand why Miami is buzzing."