John Sinclair Foley

Feb 26, 2024 | reuters.com | John Sinclair Foley

Why has so much wealth moved from places like New York and California to Florida? At a plutocrat-studded conference in Miami, one speaker had an answer. “Capital goes where it’s welcome,” Franklin Templeton Investments chief Jenny Johnson told an audience including Blackstone’s Steve Schwarzman, ex-Google chair Eric Schmidt, and technology mogul Michael Dell. If what makes capital welcome is low taxes and small government, Florida’s fortunes still have room to run. Making a financial hub that can really rival New York, though, may require ingredients still in shorter supply.