California just lost $1 trillion in wealth over a tax proposal that hasn't even passed yet.
New York City has watched $14 billion flee to Florida since 2020.
And two Florida billionaires just launched a $10M campaign that has New York and California CEOs scrambling.
Ken Griffin and Stephen Ross Launch Gold Coast Recruitment Drive
Ken Griffin and Stephen Ross aren't subtle about what they're doing.
The two billionaires launched "Ambition Accelerated" this week during the Wall Street Journal's conference in West Palm Beach with one goal: strip New York and Chicago of their remaining business talent.
Griffin moved Citadel from Chicago to Miami in 2022.
Ross relocated Related Companies' focus from Manhattan to West Palm Beach during the pandemic.
Now they're bankrolling a massive advertising blitz targeting CEOs and investors still trapped in high-tax cities, offering them a "concierge conversation" about moving to Florida's Gold Coast.
"Where you choose to build a business determines how much time is spent driving growth versus navigating bureaucracy," Griffin said.
Aggressive advertisements compare Florida's costs to the Northeast and West.
One ad asks potential movers: "What if your business could reduce gas and utility costs by as much as 30% compared to other major metros?"
https://twitter.com/FloridaC100/status/2018363868079116686?s=20
Another installation at the Norton Museum featured a putting-green designed to show executives the "friction" of high-regulation environments versus Florida's "smooth" operating conditions.
Florida's pitch isn't just marketing spin.
The numbers back it up.
The Gold Coast's Economic Domination
The Florida Council of 100 rolled out statistics that should terrify officials in New York and California.
Florida's Gold Coast ranks first in GDP growth over the past three years among major metropolitan regions.
The region also ranks first in new business formations per capita.
Florida leads the nation with 503 net new business relocations over the past year.
That's four times the number Texas attracted.
The Milken Institute Index ranks multiple Florida cities among the top performers for economic growth: Palm Bay-Melbourne-Titusville, North Port-Sarasota, Orlando, and West Palm Beach.
Meanwhile, California and New York experienced net losses in business relocations.
Ross summed up what legacy cities refuse to accept.
Ross said he built his early businesses in places like New York and Detroit because those were the only cities offering opportunity at scale.
But now "the next generation of companies belongs along Florida's Gold Coast from West Palm Beach to Miami."
https://twitter.com/FLVoiceNews/status/2018731230879953382?s=20
California's Self-Inflicted Exodus
The timing of Griffin and Ross's campaign isn't coincidental.
California just watched at least six billionaires flee the state before January 1, 2026 over a proposed wealth tax that hasn't even been approved yet.
The 2026 Billionaire Tax Act would impose a one-time 5% tax on anyone worth over $1 billion who lived in California on January 1, 2026.
Google co-founders Larry Page and Sergey Brin both shifted significant business operations out of California in December 2025.
Peter Thiel opened a new Miami office for his investment firm and donated $3 million to fight the tax proposal.
Tech investor Chamath Palihapitiya said several of his billionaire friends worth an estimated $500 billion "scrambled and left California for good."
Entrepreneur David Friedberg estimates $2 trillion in assets has already left California.
"The California budget deficit will only get bigger" without these taxpayers, Palihapitiya warned.
When billionaires start moving their money out of fear over a tax that might never happen, it tells you everything about California's business climate.
https://twitter.com/FloridaC100/status/2018331247051764220?s=20
New York's Slow-Motion Collapse
New York isn't faring much better, reportedly losing at least $14 billion in taxes to Florida since 2020.
Around one million New Yorkers are reportedly preparing to leave the city after the recent election.
Fox News reported more than $100 million in New York real estate sales heading south in just one week.
The Business Development Board of Palm Beach County launched billboards across New York City reading: "Dear NYC, it's not you, it's me."
The campaign targets financial firms and executives uneasy about New York's post-election tax and policy landscape.
"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."
Over the past decade, more than 250 financial firms have relocated or expanded to Palm Beach County.
Major firms now operating from the region include Goldman Sachs, Virtu Financial, Siris Capital, Elliott Management, Citadel, Point72, and Millennium.
The Self-Interest Angle Nobody's Talking About
Griffin and Ross obviously benefit from South Florida's boom.
Griffin owns a $1 billion Palm Beach home and is redeveloping a shopping center there while expanding Citadel's $2.5 billion Miami headquarters.
Ross launched a Palm Beach-focused division of Related Companies and invested $10 billion in real estate across the region.
Every business that relocates drives up their property values and expands their influence.
But an advisor on the campaign told the New York Post that both men genuinely believe American business depends on finding places that let entrepreneurs build.
And those places are disappearing fast.
"The only place a CEO or founder can scale from 10 employees to 10,000 will be in South Florida," Ross told the Post. "While other cities are still special, they no longer support building business and supporting ambition like you can find here."
https://twitter.com/OmarMora1es/status/2018836234676621378?s=20
What This Means for America's Business Landscape
Griffin and Ross aren't just promoting Florida.
They're accelerating the collapse of legacy business centers that refuse to change.
California Democrats view their wealth tax proposal as "rage bait" to motivate voters, according to tech entrepreneur Allison Huynh.
The tax might never pass.
But the threat alone is enough to drive billions in wealth out of the state permanently.
New York's high taxes and regulations were already pushing businesses south before the recent election made things worse.
Now Florida has two of America's richest men bankrolling a professional campaign to finish the job.
Four companies have already expressed interest, according to officials.
They believe it's just the beginning.
Florida attracted 503 net new businesses last year while California, Illinois, New Jersey, and New York lost businesses.
That trend is about to accelerate dramatically with $10 million in advertising convincing CEOs that staying in high-tax states is career suicide.
The real question isn't whether more businesses will leave New York and California.
It's how many jobs will disappear before officials in those states figure out they're destroying their own tax base.
Sources:
- Michelle Vecerina, "Florida Council of 100 launches $10M campaign to lure CEOs, investors from New York and Chicago to Gold Coast," Florida News, February 3, 2026.
- Lydia Moynihan, "Ken Griffin, Stephen Ross bankroll $10M campaign to attract other CEOs to South Florida: 'Only place a founder can scale'," New York Post, February 2, 2026.
- Florida Council of 100, "The Florida Council of 100 Launches 'Ambition Accelerated'," February 2, 2026.
- Florida Chamber Foundation, "Florida Leads the Nation for Business Relocations," February 28, 2025.
- BDB Palm Beach County, "'Wall Street South' Migration to Florida from NYC Is Entering a New Wave," November 7, 2025.
- Fox News, "Tech insider warns California tax hikes will trigger mass billionaire exit," January 2026.
- Newsweek, "California Wealth Tax: What Billionaires Have Said About Leaving State," January 2026.
- Bloomberg, "Billionaire Exodus Led by Peter Thiel Grows as California Wealth Tax Looms," January 8, 2026.
