Finance
One of the backbones of Miami’s robust economy, the financial sector of Miami is supported by a roster of international banks and fintech companies.
#2
US City With Most International Banks
#9
US Financial Hub
150,000+
Jobs
$28B
Gross Regional Product
500+
Fintech Companies
Introduction
Miami’s Financial Boom
Miami has emerged as a powerhouse in the finance industry, attracting international banks, top financial talent, and significant investment from across the globe. With over 60 international banks calling Miami home, the city stands as the largest concentration of international banking in the United States outside of New York City. This booming sector employs approximately 150,000 people and contributes $27.7 billion annually to the local economy. The strategic geographic position of Miami provides essential financial solutions for Latin America and the Caribbean, making it a vital gateway for multinational corporations looking to invest in the U.S.
The region’s financial landscape is characterized by rapid growth and innovation, particularly within the fintech ecosystem, which ranks 11th globally and boasts over 500 startups. In recent years, Miami has seen an influx of hedge funds and venture capital, further solidifying its status as the 7th most important financial hub in the U.S. Notably, the Miami International Securities Exchange is the third-largest options exchange in the country. With a business-friendly fiscal environment and a commitment to financial inclusion, Miami is well-positioned to lead as one of the world’s Capitals of Capital.
Miami’s Financial Sector: A Global Epicenter
Miami’s finance and insurance sector plays a vital role in the local economy, contributing an impressive $27.7 billion annually to Miami-Dade County. This dynamic industry employs over 150,000 people, with an annual wage averaging around $115,000. The sector has witnessed a steady annual growth rate of 3%, driven by the influx of financial firms and professionals seeking opportunities in a tax-friendly environment. The presence of major organizations like JPMorgan Chase and Citigroup further underscores the city’s significance as a financial hub.
Banking and Asset Management Hub
With over 60 international banks operating in the city, Miami holds the title of the largest banking hub in the U.S. outside of New York City. Miami debuted at No. 24 on the Global Financial Centres Index, making it a city to watch in the global financial ecosystem. The city has attracted major financial players like Point72 Asset Management, Apollo Global Management, and Blackstone, who have set up operations in the area. Citadel, a prominent hedge fund and securities trading firm, moved its headquarters to Miami’s Brickell neighborhood. Furthermore, Miami’s private banking sector boasts over $120 billion in assets under management, attracting high-net-worth individuals and families. In 2023 alone, Miami secured $1.7 billion in foreign direct investment in financial services, reinforcing its reputation as a strategic gateway for investments in Latin America.
Innovation in Fintech and Venture Capital
Miami’s fintech ecosystem has emerged as a leading force, ranking 11th globally and housing over 500 fintech startups. The number of fintech companies saw an increase of 63% over the past two years, with local startups closing deals totaling $965M in 2023, up from $859M the year before. This thriving environment is further supported by significant events like the Miami Hedge Fund Week and the Florida Venture Forum, which attract international attention and investment.
Connect with our Industry Expert
Senior Vice President, International Economic Development
Mr. Sacasa leads the Council’s International Economic Development team overseeing all international recruitment, incoming delegations, and the International Committee resulting in substantially increasing the number of completed job-generating business projects.
Top Organizations
Discover key players shaping Miami’s dynamic finance landscape while driving innovation and global investment.
Finance Advisory Council
The Finance Advisory Council is designed as targeted private convenings of local experts that advise and support Beacon Council staff on the implementation of high-impact economic development initiatives.
Krista Oldfield
Corporate Marketing Specialist, ISquared
Chair of Finance Industry Council
Want to get involved?
Invest in The Beacon Council.
Title
The Aviation Advisory Council is designed as targeted private convenings of local experts that advise and support Beacon Council staff on the implementation of high-impact economic development initiatives