Could MIAMI be US's new economic powerhouse? Florida city 'most dynamic in the ... trends now
Miami's mayor has claimed his city is the 'most dynamic in the world', touting an influx of new residents and businesses and boasting that the growth was 'unprecedented'.
Francis Suarez, the Republican leader of the city, spoke ahead of the publication of the 14th annual 'Miami Report' produced by Miami-based development company ISG World. Suarez sits on their advisory board.
Suarez, 45, mentioned how the Saudi Arabia-based Future Investment Initiative (FII) have just held their annual conference in Miami, and said it was a sign of Miami's strong links with the Arab world.
'These are some of the most well-capitalized countries in the Middle East,' he told Fox News on Monday.
He said Qatar 'has a huge investment in our city', and noted the UAE 'has invested tremendously', as well as Israel.
Francis Suarez, left, is seen beside Craig Studnicky, the CEO of ISG World, ahead of their 14th annual 'Miami Report' detailing the city's growth
Cranes are seen on the Miami skyline, as a building boom continues in the Florida city
'But we're going beyond that - I just came back from Tokyo and Korea, and we want to get a direct flight to Tokyo,' he said.
'We'll probably have a direct flight to Saudi. We already have a direct flight to UAE, Qatar and Israel.
'We want to be, what I call, the central aggregation point for capital and the central deployment point for capital in the world.
'That is my vision, and I think that's what's going to create the most amount of prosperity for the most amount of Miami, as we call it, 'Miami for everyone.'
'We want to make sure that everyone in our city benefits.'
LOW TAX ATTRACTS BUSINESS
Florida had the nation's fourth-fastest-growing economy between July 2021 to July 2022 — growing at an annual rate of 3.5 percent according to federal data.
Businesses and individuals have been lured by the tax policies: there is no personal income tax, and corporate income tax is at 5.5 percent.
In New York City, by comparison, top rate tax payers can pay 10.9 percent personal income tax, and corporate income tax is 8.85 percent.
In Los Angeles, personal income tax rises as high as 12.3 percent and corporate tax 9 percent.
Suarez said he was delighted by the decision of companies such as hedge fund Citadel to relocate from Chicago to Miami, in September last year.
Suarez, the first ever Miami-born mayor of the city, is seen in July 2021 with Cuban exiles
The move made
