Podcast Summary
Podcast: How I Invest with David Weisburd
Episode: E206: Inside Miami’s Billionaire Boom: The Real Reason Behind the Migration
Date: August 29, 2025
Guest: Francis Suarez (Former Mayor of Miami)
Host: David Weisburd

Overview

This episode explores the "billionaire boom" and remarkable migration of financial and entrepreneurial talent to Miami. Francis Suarez, the city’s recently outgoing mayor, offers an insider’s perspective on the drivers of Miami's rapid ascent as a destination for capital, high-net-worth individuals, and companies—ranging from favorable policies and remote work to shifts in national politics. The conversation delves into the city’s unique “how can I help?” attitude, the practical bottlenecks faced by new arrivals, and touching personal reflections from Suarez’s journey in leadership, public service, and diplomacy.

Key Discussion Points & Insights

1. The Four Major Drivers of Miami’s Quantum Leap

(00:09, 02:16)

• Openness during COVID: Miami stayed active while others shut down.
• Remote Work: The remote phenomenon made Miami feasible for knowledge workers ("What we're doing right now is remote, right? So this phenomenon of remote work certainly benefited Miami." — Suarez, 00:13).
• Tax Policy: The loss of the SALT deduction and Florida’s tax structure favored migration.
• Attitude: Miami promoted a pro-growth, pro-business, welcoming culture — a stark contrast to cities like New York and California ("Our attitude was pro growth, pro business. While other cities...rejected Amazon...California famously told Elon Musk f off. And he said, ‘message received’ and left, right?" — Suarez, 02:49).

Quote:
"We want to be what we call the capital of capital, and that's human capital and actual capital...so that we can build companies and scale companies."
— Francis Suarez (04:52)

2. Building on the Momentum & The Next "Quantum Opportunity"

(02:16, 04:36)

• Suarez identified the city’s approach to attracting top-tier talent, but emphasized the need to also welcome emerging entrepreneurs.
• The November New York mayoral election presents another chance for Miami to attract disaffected business leaders and Jewish communities, depending on the outcome ("If New York elects a socialist...it will become another massive opportunity for Miami..." — Suarez, 03:54).

3. Bottlenecks: What Holds Miami Back

(06:06)

• Education: Capacity limitations in top schools is the main concern for affluent migrants ("Almost universally...is education, educational opportunity, schools. There's just a capacity issue." — Suarez, 06:17).
• Housing Costs: Miami is more expensive now, but that’s the byproduct of desirability ("Of course, I haven't wanted to make Miami more expensive. That's not the goal...demand drives prices." — Suarez, 08:02).
• Suarez insists that despite rising costs, he'll "never increase taxes or increase homelessness or increase crime...to reduce costs." (08:58)

4. Reflections on Leadership: Suarez, His Father, and Communication

(09:14, 14:18)

• On advising his father’s campaign, Suarez stresses the evolution of political communications: from TV and print to long-form podcasts and direct social engagement (referencing his own 160,000 Instagram followers).
• Quote:
  "If you're not telling your story, somebody else will and you're not gonna like their version of it."
  — Francis Suarez (13:51)
• Suarez notes the power and permanence of self-narrated digital records for public officials and families.

5. US–Saudi Arabia Relations and the Abraham Accords

(15:25)

• Suarez avoids commenting on rumors of a future ambassadorship, but discusses the strategic importance of extending the Abraham Accords and deepening US-Saudi ties.
• Saudi Arabia’s vision for rapid growth ("Vision 2030") offers ample opportunity for American collaboration on infrastructure, tourism, and reform.

Quote:
"I think Saudi has positioned itself very intelligently over the last couple of administrations..."
— Suarez (17:20)

6. Diplomacy and Miami on the World Stage

(19:40)

• Suarez recounts a "surreal" visit to Saudi Arabia with President Trump and Crown Prince Mohammed bin Salman; reflects on Miami’s symbolic and practical place in global conversations.
• Memorable moment: Sharing a car ride with NVIDIA’s Jensen Huang, marveling at the "convening power" of world leaders ("We’re all like little kids at some level, right? Because it’s giddy to be with all these incredible people..." — Suarez, 20:34).

7. What Makes Trump Successful as a Diplomat?

(23:02)

• Suarez emphasizes Trump's humility, awareness, real-world negotiation acumen, and improvements in assembling a highly competent administration ("I think the President has demonstrated that he knows how to negotiate and use leverage and, and use the country's economic and military might as a leverage tool." — Suarez, 24:12).
• Difference between politicians and private sector outcomes; draws contrast with other public figures.

8. Transformation in Trump and the Value of Experience

(27:49)

• Trump has changed, per Suarez, due to surviving near-death experiences and legal battles and learning from hardship ("There's a tremendous amount of potential trauma there...if you survive those things, you are enlightened at some level." — Suarez, 27:55).
• Accumulated experience and unique resilience after four years out of office.

Quote:
"Having that four year hiatus in a way is actually quite good because it gives you a lot of time to reflect."
— Francis Suarez (28:48)

9. Advice to a Younger Suarez & Embracing Failure

(31:55)

• Advises not to "put limits" on oneself, and not to avoid mistakes — they're the best learning tool ("Mistakes are probably the best learning tool that a person has. So if you avoid mistakes, you don't learn, right?" — Suarez, 32:17).
• Cites the poem "If" by Kipling, and the importance of treating victories and defeats as imposters.
• Success and failure are often reversed: at your strongest, you are vulnerable to envy; at your weakest, you are open to help and growth.

Quote:
"You’re actually strongest when you are at your weakest because people want to help you. And when you're at your strongest, you're actually your weakest because people are jealous."
— Francis Suarez (34:40)

10. Personal Growth, Mindfulness, and Faith in the Future

(36:29)

• Suarez works with a mindfulness coach and reflects on unpredictability and the limitations of planning, urging openness to outcomes better than imagined.
• He closes by emphasizing that as you get older, you "start to embrace the pain that comes from that [rejection/failure]... I know it's going to be painful for a period of time, and I know that I'm going to learn from it." (37:41)

Notable Quotes & Memorable Moments

• "Miami is the safest place on the planet for Jews to live and the most welcoming, and we embrace that. We love that." (03:57)
• "Our social media is our ability to tell our story...it's me the one telling the story." (13:35)
• "There’s a great poem...by Rudyard Kipling...one of the lessons is to treat victory and defeat as the same imposters." (33:33)
• "Sometimes you’re at your strongest when you’re at your weakest because people want to help you." (34:40)
• "Failure is the feedback... It is how you get to success." (37:19, Weisburd quoting Alex Hermosi)

Important Timestamps

• Miami’s Migration Boom & Policy (00:00–05:51)
• Building for the Next Generation of Talent (01:49–05:51)
• Bottlenecks & Policy Challenges (05:51–09:14)
• Advice to the Next Mayor & Political Communications (09:14–14:18)
• US–Saudi Relations & Abraham Accords (15:04–19:29)
• Personal Recollections: Trump, Diplomacy, & Leadership (19:29–27:49)
• Transformation, Experience, and Resilience (27:49–31:33)
• Mindset for Success & Looking Back (31:33–38:21)
• Closing Remarks & Personal Thanks (38:21–38:59)

Tone & Language

• Conversational, candid, thoughtful, confident — Suarez balances municipal pride with humility and a willingness to discuss both Miami’s virtues and challenges.
• Weisburd prompts with curiosity and personal anecdotes, keeping the exchange personal and practical.

Summary

Francis Suarez offers a master class in modern place leadership: blending policy, messaging, and opportunity, with faith in future possibilities and human capital. The episode is rich in practical strategy for cities, wisdom for ambitious leaders, and a frank look at the underpinnings of Miami’s explosive growth. Whether discussing billionaires or budding founders, Suarez makes the case that intentionality, boldness, and adaptability will keep Miami ahead—as long as the baton is handed to the next generation, and the city continues to capitalize on fleeting "quantum opportunities."