December 2, 2024 – Palm Beach County – Palm Beach County has officially claimed its status as “Wall Street South” through a high-profile advertising campaign unveiled in New York City’s Times Square during Thanksgiving week. The campaign, featuring the impactful tagline “Dear NYC, it’s not you, it’s me” alongside striking imagery of Palm Beach County’s pristine blue waters and the “Wall Street South” logo, marks a pivotal milestone in the county’s transformation into a premier financial hub.
Following its successful debut, the campaign is set to expand to Boston and Chicago, further solidifying Palm Beach County as a top destination for financial firms and corporate headquarters.
Financial Growth Redefining the Region
Over recent years, Palm Beach County’s financial ecosystem has grown exponentially, attracting hundreds of firms managing trillions in assets. Currently, 483 asset managers operate in the county, collectively overseeing $36.4 trillion globally, with $18.2 trillion managed locally. Of these, an impressive 79% manage 100% of their total assets from within the county.
Major financial entities such as Goldman Sachs, Virtu Financial, Siris Capital, Elliott Management, Paulson Capital, HighPost Capital, and Point72 have opened an office in the region.
“Palm Beach County offers a business-friendly environment, welcoming government, excellent schools, and an unmatched quality of life. We’re never going back,” said Doug Cifu, CEO of Virtu Financial.
A Magnet for Wealth and Opportunity
In 2023, Florida saw a $39 billion influx of wealth, with Palm Beach County attracting 25% of that wealth. Home to 59 billionaires and 71,000 millionaires, the county has become a hub of affluence. A recent report by economist Dr. Jerry Parrish revealed that the finance sector now leads personal income generation in the region, contributing $7.53 billion annually.
“Downtown West Palm Beach is ideal for our team’s growth,” said Rob Posner, CEO of NewDay USA. “Our employees can walk to work, enjoy world-class dining, and thrive in a dynamic environment. We’re thrilled to be part of this vibrant community.”
Unmatched Strategic Advantages
Palm Beach County is attracting financial firms and talent through a combination of strategic benefits:
- Over 19,000 professionals in the financial sector.
- An A-rated school system, including 160 private schools and the nation’s 10th-largest public school district.
- A favorable tax climate and an abundance of Class A office space.
“Our comprehensive services include expedited permitting for office build-outs, real estate assistance, incentives and talent connections,” said Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County (BDB). “We also actively facilitate introductions to public and private schools, helping relocating executives and their families seamlessly transition to the area.”
Palm Beach County’s growth trajectory is evident in its data:
- Property tax revenue surged by 57%, reflecting strong economic development.
- Business tax receipts rose by 33%, underscoring a thriving business environment.
- Revenue from business tax receipts increased by 16.25%, signaling enhanced business activity.
- The population expanded by 10.4%, with notable growth of 10.6% in the critical 25-35 age demographic, bringing fresh energy and new talent to the area.
- Housing developments flourished, with an 80% rise in single-family homes constructed.
- Apartment construction skyrocketed, with a 250% increase in apartment units, catering to diverse housing needs and a growing population.
With 919,000 square feet of office space under construction and an additional 1.5 million square feet in planning, Palm Beach County is positioned to sustain its momentum.
As a vibrant, business-friendly region with an average resident age of 45.2 and an annual temperature of 78.1°F, Palm Beach County continues to redefine itself as a hub for innovation, sophistication, and opportunity.
XXX
About the Business Development Board:
The Business Development Board of Palm Beach County (BDB) serves as the county’s official public/private economic development organization. Established in 1982 as a nonprofit corporation, the BDB is dedicated to attracting and retaining industries, fostering business investments, creating high-quality jobs, and supporting workforce development through corporate relocations, expansions, and international trade initiatives.
Over the past five years, the BDB has supported more than 140 companies, contributing to the creation or retention of over 13,110 direct jobs with average salaries exceeding $80,000. These efforts have driven more than $1.12 billion in capital investments into Palm Beach County.
MEDIA CONTACT:
Business Development Board of Palm Beach County
Kristen Liberman
Vice President, Marketing and Media
[email protected]
561-850-5529 (Ok text)
Videos and photos available upon request
