Culture and art deco..........Miami is also where I 95 ends.............


The other factor is culture. Miami is a hot-weather city with fabulous beaches, restaurants and nightlife. But Miami’s ethnic diversity has been the biggest factor in making it a financial center. The city is 70% Latino, and along with the historic Cuban population, has increasingly attracted South American expats. Two-thirds of residents speak Spanish as their first language—which matters in the global banking scene. There are, after all, numerous Latin American people and firms who have begun parking their assets in the U.S. due to turmoil in their home countries. Because of its large Spanish-speaking population, Miami is a natural place for them to do business, more than other emerging but nativist cities like Nashville, Atlanta, and Houston. Investors from Brazil, Argentina, Colombia and Venezuela have directed capital into Brickell’s banks and real estate, with an estimated two-thirds of demand for neighborhood units coming from South America. To a smaller extent, Miami attracts capital from Russia and many European countries—or less business-friendly parts of the U.S.

“Somebody said to me, ‘Give me three reasons why this will continue.’ My answer was: Maduro, Kirchner and De Blasio,” said city commissioner Marc Sarnoff to The Economist, referring to the heads of Venezuela, Argentina and New York City. By mentioning de Blasio, Sarnoff was referencing the differences in mindset between the leadership in both cities: while the liberal New York mayor entered office suggesting tax increases for the rich, Sarnoff flies around recruiting banking executives to Miami.
Brickell’s emergence thus testifies to Miami’s broader mentality towards liberalization, both economically and culturally. The city has a favorable attitude towards new people, growth, money, and construction. There is even a libertine element to this, since some of the money reputedly comes from the accounts of despots and drug cartels. But such openness has turned a neighborhood—and a city—into a global finance capital, and perhaps more importantly, an urban destination.
Scott Beyer is traveling the