Financial Services
Wall Street South
Palm Beach County consistently remains among the nation’s leaders for business and financial services, providing a robust environment for success – from wealth management to banking and investment services; from investors to venture capital and corporate finance firms. Organizations requiring specialized business and financial expertise are drawn to Palm Beach County because of high industry concentration, proximity to peers, and even the location of competitors. It's been estimated that hundreds of asset management firms, including hedge funds, have opened offices in Palm Beach County within the past four years.
The Numbers
Home to:
19,077 companies
119,483 jobs
$126,340 average salary
$33.4 Billion Total Gross Regional Product
59 billionaires
71,000 millionaires
#1 location to attract and retain the young and wealthy
120 estimated relocations in the past few years
4 out of the top 10 private equity firms
Our net AGI inflow was $10.7 billion in total, making Palm Beach County #1 in the state of Florida
Top 5 wealth markets in the nation for 2024
#1 area for NY relocations
FACT: Finance is the #1 sector in Palm Beach County ranked by personal income exceeding $7 billion
New in Town
LONG-TERM GROWTH PROVEN IN THE NUMBERS
According to location analyst company Unacast's March 2021 report, the following are proven facts:
- #1 for Growth in Florida:
Palm Beach County is the #1 county for both people and income growth compared to other counties studied in the state of Florida. - $3.4B Gained:
Palm Beach County, FL welcomed 11,000 people during 2020 with a new net income gain flow of $3.4 billion — far exceeding the gains of any other county in the U.S. studied by Unacast. - #1 Recipient for NY Relocations:
41% of moves to the Palm Beach County, FL area were from the New York City area, the most in the state of Florida. - #1 Emerging Area in South Florida:
Palm Beach County, FL is the #1 South Florida county considered an “emerging area” based on migration trends. - $34B Left NY:
70,000 high net worth individuals left New York City, taking $34 billion in lost income with them.
“The top county for both people and income growth was Palm Beach, by a wide margin. Welcoming a total inflow of some 11,000 people in 2020, Palm Beach is flush with new income flow: some $3.4 billion in gains over 2019, or about $2,165 per person,” the report stated. “Southeast Florida is unlike any other region we have studied in the COVID era. Population growth and new wealth is the new norm.”
TAX ADVANTAGES
- No state personal income tax or estate tax
- No corporate income tax on limited partnerships
- No corporate income tax on subchapter S-corporations
- No state-level property tax
Courtesy of BDO US LLP
CLASS A OFFICE SPACE
Palm Beach County currently has more than 2 million sq. ft. of Class A office space under construction with new offices such as One Flagler, One West Palm, Banyan & Olive, Aletto Square and The Modern at PGA in the pipeline.
Home to 39 cities and towns, the most popular ones that financial firms relocate to in Palm Beach County include:
- Boca Raton
- Delray Beach
- Jupiter
- Palm Beach
- Palm Beach Gardens
- West Palm Beach
- Wellington
TRANSPORTATION TO GET YOU HOME BY DINNER
The Brightline high speed train has two stations in Palm Beach County - one in downtown West Palm Beach and the other in Boca Raton. The luxurious ride transports Floridians to the downtown areas of Palm Beach, Broward, and Miami-Dade Counties within an hour. New stations are under construction.
Palm Beach International Airport, recently ranked as the top 10 airports in the world, has nonstop flights that will get you home in time for dinner after a flight to New York.
By locating your business in Palm Beach County, you instantly gain access to the entire South Florida region:
- 6.5 million potential customers
- 809,000 k-12 students in A-rated school districts
- 375,000 higher education students
- 3.1 million person labor force speaking 38 languages
EDUCATION
- 10th Largest Public School District in the Nation and Rated A
- 160 Private and Faith-Based Schools
- Home to 17 International Baccalaureate (IB) World Schools
- Ranked #1 for President Scholars
- Our graduates go off to ivy league schools across the nation
- Visit PBCedu.org to learn more
School District of Palm Beach County
Serves 171,261 K-12 students
A-rated, large urban school district
Nearly 330 award-winning programs
182 different campuses
Colleges and Universities
Palm Beach Atlantic University
Florida Atlantic University
Palm Beach State College
NOVA Southeastern University
Lynn University
Keiser University
Private and Faith-Based Schools
American Heritage Academy
Atlantic Christian Academy
Baldwin Prep School
Berean Christian School
Boca Raton Christian High School
Cardinal Newman
Grandview Preparatory School
Oxbridge Academy
Palm Beach Day Academy
Pine Crest
Rosarian Academy
Saint Andrews
Gulfstream School
Jupiter Christian School
Kentwood Preparatory School
St. Ann's Catholic School
St. Mark's Episcopal School
The Benjamin School
The Greene School
The Kings Academy
The Weiss School
Turtle River Montessori
Spotlight
NEWDAY USA
WEST PALM BEACH, FL
NewDay USA, one of the nation’s leading veteran mortgage lenders, created hundreds of new jobs at 360 Rosemary in West Palm Beach over the next two years. This new location will serve as the second headquarters for NewDay USA and and occupied over 50,000 sq. ft. NewDay's average age is between 25 and 30.
HOW WE HELPED:
The Business Development Board complimentary assisted NewDay USA with access to the City of West Palm Beach’s financial resources. It also facilitated expedited permitting and information on community engagement.
Spotlight
Siris Capital
Siris Capital was founded in 2011 to bring new thinking and a distinct approach to tech & telecom private equity investing. Today, Siris has raised over $5.9 billion of cumulative committed capital and is currently targeting investment opportunities with transaction values of $500 million to $2 billion.
Spotlight
GTCR
GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital.
Spotlight
VIRTU FINANCIAL
PALM BEACH GARDENS, FL
Virtu Financial, a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global market, expanded to Palm Beach Gardens, FL. The company downsized its Manhattan location, leased more than 10,000 sq. ft. in Palm Beach County, and employed 50 people with average salaries of $165,000.
HOW WE HELPED:
The Business Development Board complimentary assisted Virtu Financial with local connections on behalf of the company's out-of-state leadership, expedited the permitting on office space, and made local introductions to talent.
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