Will Miami Replace NYC As The Financial Capital? Trump's AI And Crypto Czar Thinks So: 'As A Response To...'

President Donald Trump‘s AI and Crypto czar, David Sacks, has predicted a major shift in the U.S. finance and tech capitals as Zohran Mamdani assumes office as New York City Mayor.

Miami And Austin To Take Over?

Late Thursday, Sacks wrote on X that he believes Miami will replace NYC as the finance capital amid Mamdani’s socialist policies, and Austin will replace San Francisco as the tech capital.

Notably, San Francisco is also governed by Democrat Mayor, Daniel Lurie, whom many call a centrist.

As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital.

— David Sacks (@DavidSacks) January 1, 2026

In November, Miami’s Mayor Francis Suarez had stated on Fox Business that the city would take over as ‘financial powerhouse’ following Mamdani’s mayoral win. He cited that the city is home to global billionaires like Argentine soccer star, Lionel Messi, Amazon.com founder Jeff Bezos, JPMorgan CEO Jamie Dimon, Tennis legend Serena Williams, and also Trump, who also attended the America Business Forum in the city.

See Also: Ray Dalio Unveils His AI Clone To Have Unlimited Conversations: ‘What It Can Do Is…’

Political Shift Could Reshape NYC

Sacks’ prediction comes at a time when New York City is undergoing a significant political shift. Democrat Zohran Mamdani was sworn in as the youngest Mayor of the city in a century on January 1. 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 on the wealthy. Mamdani, who campaigned on a rent freeze for millions of households in the city already announced three executive orders focused on housing and tenant protection. Some of his other proposals during the campaign, like city-run grocery stores and free buses, and child care, have been criticized as “communist” by many, including Trump.

NYC Tops Millionaires, As Elon Musk Hails Austin

Notably, New York City is currently home to the highest number of millionaires globally, with nearly 350,000 millionaires residing in the city as per 2024 data. Despite ongoing discussions about financial migration, New York City continues to hold the title of the wealthiest city globally. The city is officially home to 45 Fortune 500 companies and over 200 angel investors and venture capitalists.

The San Francisco Bay Area, with the largest concentration of American tech giants, is the technology capital of the nation. Sacks’ indication of Austin as the next tech capital could be due to the city being home to Elon Musk’s massive Tesla gigafactory. The Tesla CEO had told Business Insider in 2021 that Austin would be "the biggest boomtown that America has seen in 50 years" and called it “bit like mini California.”

READ NEXT:

• Elon Musk Foresees Tragic Outcome Following Mamdani’s FDNY Appointment, Says ‘People Will Die Because of This’

Image via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.