The Palm Beaches Lure Firms Through New York Breakup Blitz
Click to View Live Billboards >
November 7, 2025 – The Palm Beaches, Florida — The Palm Beaches are courting Wall Street once again — this time with a pointed breakup note that went live across New York City the week after the city’s election results. Billboards now read, “Dear NYC, it’s not you, it’s me.”
The campaign, launched by the Business Development Board of Palm Beach County (BDB), targets financial firms and executives uneasy about New York’s post-election tax and policy landscape. The billboards are just a small part of a 15-year strategy.
“This marks our third major wave of financial migration — 2013, 2020, and now 2025,” said Kelly Smallridge, Business Development Board President and CEO. “Companies want stability, safety, and no state income tax. Wall Street South is no longer an idea — it’s a movement of smart, sophisticated executives to Palm Beach County. ”
The Campaign at a Glance
- Billboards live across New York City
- Hundreds of relocation packets mailed to executives with expiring leases
- Media and influencer kits distributed
- National targeted digital campaigns
- South Florida delegation visiting New York City, December 9–10
- Private tours conducted for families and their children
- Confidential site tours for prospects
It’s been reported this week that around one million New Yorkers are preparing to leave the city after the recent election with Fox News reporting more than $100 million in New York real estate sales to head south. The Palm Beaches are positioning itself as the natural landing spot.
The Rise of Wall Street South
Over the past decade, more than 250 financial firms have relocated or expanded to Palm Beach County, comprised of 39 cities and towns from Boca Raton up to Jupiter. The region now hosts 19,000+ companies employing 119,000 workers with an average salary of $126,000.
Major firms include Goldman Sachs, Virtu Financial, Siris Capital, Elliott Management, Citadel, Point72, WorldQuant, ECN Capital, GTCR, Cresset, TAG Associates, DSM Capital Partners, Polen Capital, Redbird, Millennium, Paulson and DRB Capital to name a few.
The Business Development Board provides confidential, complimentary relocation services including Class A office inventory, school introductions, housing insights, expedited permitting, and economic data support for executives and corporate teams.
Palm Beach County by the Numbers
- #4 fastest-growing wealth hub in the world
- 112% increase in millionaires over the past decade
- Home to 68 billionaires and 71,000 millionaires
- Highest average salary in Florida across all 67 counties
- A-rated public school district and 180 private schools
- 783,790 total labor force
- 45.2 average age across the region
A Strategy 15 Years in the Making
The “Wall Street South” initiative began in 2010 with the Behind the Gates program — an effort to attract CEOs with second homes in the Palm Beaches. What started as targeted outreach has evolved into a nationally recognized brand and a long-term migration trend.
A 2013 CNBC segment (Link >) marked its media debut, followed by Fox & Friends in 2019 (Link >), a private school headmaster delegation to New York in 2023, and many outreach missions.
“Palm Beach County isn’t a temporary tax shelter,” said Smallridge. “It’s a permanent, pro-business community built for companies that want to grow.”
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About the Business Development Board of Palm Beach County:
The Business Development Board of Palm Beach County (BDB) serves as the county’s official public/private economic development organization. Established in 1982, 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 per year. These efforts have driven more than $1.12 billion in capital investments into Palm Beach County.
