President Donald Trump‘s AI and Crypto Czar, David Sacks, has predicted a major shift in America’s financial and technology capitals Zohran Mamdani accepts office as mayor of New York.
Miami and Austin taking over?
Sacks wrote on X late Thursday that he believes Miami will replace NYC as the financial capital amid Mamdani’s socialist policies, and that Austin will replace San Francisco as the tech capital.
It is striking that San Francisco is also governed by a Democratic mayor, Daniel Luriewho many call a centrist.
In November, Miami’s Mayor Francis Suarez had declared on Fox Business that the city would take over as a “financial powerhouse” after Mamdani’s mayoral victory. He cited that the city is home to global billionaires such as the Argentine football star, Lionel Messifounder of Amazon.com Jeff BezosCEO of JPMorgan Jamie DimonTennis legend Serena Williamsas well as Trump, who also attended the America Business Forum in the city.
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Political shifts could reshape New York
Sacks’ prediction comes at a time when New York City is undergoing a major political shift. Democrat Zohran Mamdani was sworn in on January 1 as the city’s youngest mayor in a century. He called it a “new era for NYC.”
This change in leadership could potentially impact the city’s financial landscape as the new mayor advocates higher taxes for the wealthy. Mamdani, who campaigned for a rent freeze for millions of households in the city, already announced three executive orders focused on housing and tenant protections. Some of his other proposals during the campaign, such as city-run grocery stores and free buses, and child care, have been criticized by many, including Trump, as “communist.”
NYC tops the millionaires, while Elon Musk hails Austin
New York City in particular is currently home to the highest number of millionaires in the world, with nearly 350,000 millionaires living in the city according to 2024 data. Despite ongoing discussions about financial migration, New York City continues to hold the title of the richest city in the world. The city is officially home to 45 Fortune 500 companies and more than 200 angel investors and venture capitalists.
The San Francisco Bay Area, home to the largest concentration of U.S. tech giants, is the nation’s tech capital. Sacks’ designation of Austin as the next tech capital may be due to the city being home to Elon Musk’s massive Tesla gigafactory. Tesla’s CEO had told Business Insider in 2021 that Austin would be “the biggest boomtown America has seen in 50 years,” calling it “a little mini-California.”
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Disclaimer: This content was produced in part using AI tools and was reviewed and published by Benzinga’s editorial staff.
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