Thiel Capital Opens Miami Office as California Debates a “Billionaire Wealth Tax”
MIAMI — Thiel Capital, the private investment firm founded by billionaire tech investor Peter Thiel, announced it has opened a new office in Miami, expanding its footprint in South Florida as California weighs a proposed wealth tax targeting the state’s richest residents. Business Insider+1
The firm said the new location is in Wynwood, the former warehouse district that has evolved into a hub for startups, investors, and cultural institutions. Thiel Capital added that the Miami office will complement its existing operations in Los Angeles, and that the lease was signed in December 2025. Business Insider+1
Why Wynwood — and why now?
Miami’s tech and finance boom accelerated during and after the pandemic, drawing talent and capital from traditional power centers like California and New York. The Wynwood corridor in particular has become an “innovation neighborhood,” attracting venture firms, founders, and a growing ecosystem of events and co-working spaces. San Francisco Chronicle
For Thiel, the Miami move also fits a longer trend: he has maintained a personal residence in the area since 2020, and his venture capital firm Founders Fund has operated a Miami office since 2021, according to multiple reports and Thiel Capital’s own statement. Business Insider+2Business Wire+2
The California backdrop: a proposed 5% wealth tax on billionaires
The expansion announcement landed as debate intensifies over a proposed California ballot measure sometimes referred to as the “2026 Billionaire Tax Act.” The concept, floated by a healthcare workers’ union, would impose a one-time 5% tax on California residents with net worths exceeding $1 billion. Supporters say the measure could raise significant revenue for public programs, while critics argue it would trigger an outflow of wealth and founders. Business Insider+2Forbes+2
According to reporting, the proposal would still need to clear major procedural steps — including collecting roughly 870,000 signatures to qualify for the November 2026 ballot. Business Insider+1
California Gov. Gavin Newsom has previously opposed state-only wealth taxes, warning they could weaken competitiveness if other states don’t adopt similar policies. Business Insider+1
What this signals for Miami’s investor migration
Thiel Capital’s move is the latest data point in Miami’s pitch to high-net-worth individuals and firms: no state income tax, aggressive local courting of tech/finance, and a growing network effect as more funds and founders establish a permanent presence. San Francisco Chronicle+1
Whether California’s proposal advances or not, the broader trend appears durable: firms are increasingly building “two-coast” strategies — keeping West Coast operations while adding Florida offices to tap new deal flow, talent, and tax advantages. Business Insider+1