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Finance


A NEW YORK CITY FINANCE CEO EXPLAINS WHY HIS COMPANY AND ALL OF ITS STAFF
RELOCATED TO MIAMI

Phil Rosen
Dec 9, 2023, 8:19 AM ET
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A New York-based finance CEO said "probably nothing" could convince him not to
move to Miami in 2024. Getty Images
 * Rahul Sen Sharma, co-CEO and president of financial firm Indxx, shared why
   his company picked Miami over New York City.
 * He said lower taxes, better weather, and more space all make Miami attractive
   compared to Manhattan.
 * The exec is moving to Miami from NYC in early 2024, and said "probably
   nothing" could keep him from leaving.

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and
business — delivered daily. Read preview

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well as other partner offers and accept our Terms of Service and Privacy Policy.
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Thanks for signing up!


There's a debate brewing about the future of New York City as the financial
center of the world — and over which city could replace it. 

While Manhattan is home to Wall Street and its mainstays, a question has come up
in recent years as to whether the longstanding finance capital is destined to
shift south. 

Billionaire Ken Griffin said in November that Miami could soon overtake New York
City as the dominant hub for markets and finance professionals. He moved the
headquarters of his hedge fund, Citadel, to the Sunshine State last year from
Chicago.

To Rahul Sen Sharma, the New York-based president and co-chief executive of
Indxx, a financial markets index provider and data firm, it's no longer a
question as to where he wants to live for work. Every single employee at his
company is now based in Miami, and he plans to join them in early 2024.



"Historically, we've only had an office in New York, but during COVID we opened
a small office in Miami and quickly realized it had very attractive benefits,"
Sen Sharma told Business Insider. "One, the tax structure is more favorable for
personal as well as from a corporate standpoint. And two, it's more affordable
from a business perspective, and three, the cost of hiring employees is also
less in terms of salaries." 

As it is, he said he spends a "significant" amount of time in Miami, even though
he hasn't formally moved. 

The executive noted that the company had some staffers come to the US from
India, and Indxx initially stationed them in Miami because they happened to have
more office space. The plan at the time was to eventually move them from Florida
to New York, but the team enjoyed Miami so much that no one ended up
relocating. 

Census data shows recently Americans have been moving to Florida in droves, and
an analysis from SmartAsset found that New Yorkers making $650,000 or more could
save nearly $200,000 per year in tax and cost-of-living expenses by relocating
to Miami.



To that point, Amazon founder Jeff Bezos announced in November he would move out
of Seattle to Miami, where he could be poised to save millions in taxes. 


A SHIFTING FINANCE HUB 

Sen Sharma maintained that New York City indeed has the upper hand in its status
as the financial capital of the world. Yet he has still seen a number of
businesses and clients mirror what Indxx has done in moving south.

"I'm seeing the opening and growing of offices in South Florida and on the east
and west coast [of Florida]," he said. "I think based on everything I've seen,
not only is that growth expected to continue, but it should be relatively
permanent as well."

New York has been deriving less and less tax revenue from Wall Street, and
financial firms aren't adding to the ranks of workers in the Big Apple the way
they used to. Instead, tech has accounted for a much larger share of New York
City employment, growing steadily in the last decade, and picking up at a faster
pace in the last three years. 



"While [Wall Street] remains very important, its share of the city's economy has
diminished, accounting for under 20% of wage and salary earnings in 2022," the
New York City Comptroller's office said in a report on the city's employment
trends published in October. "Meanwhile, the tech industry has grown rapidly,
both in terms of employment and income."

NYC employment in tech and financial securities. Office of the New York City
Comptroller

For Sen Sharma, he says there is "probably nothing" that could convince him to
stay in New York in 2024.

"We don't have office space in New York anymore, no long-term leases of any
kind," he said. "For a business like ours, nimble and agile, we go where it's
easiest for us to do business. From a corporate tax perspective or an employee
hiring and retention perspective, Florida seems to have more benefits these days
than New York."


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