Miami Mayor Doubles His Wealth, Buys Boat as Side Gigs Multiply

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(Bloomberg) — Miami Mayor Francis Suarez makes $126,000 working for the city, converting it into crypto. Despite last year’s market rout, the 45-year-old Republican’s net worth more than doubled to $3.5 million.

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Suarez was able to pay off almost $1.7 million in debt from the end of 2021, according to regulatory filings. He also acquired new real estate properties and a $235,000 boat.

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Suarez, who also works as a lawyer and private equity executive, has faced criticism for possible conflicts of interest related to outside jobs, just as he launched a long-shot White House bid last month. He didn’t disclose his total income in the documents, but Suarez supplemented his city salary with other work, including one at an event promoting Miami as a tech hub.

Suarez has worked as a lawyer at Quinn Emanuel Urquhart & Sullivan since 2021, when he won re-election and the firm opened a Miami office across the street from Miami City Hall. The firm’s clients include Elon Musk and hedge fund billionaire Ken Griffin’s Citadel. Griffin donated $1 million to Suarez in March, filings show.

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Suarez didn’t respond to requests for comment. He has repeatedly denied any conflict of interest and said plans to keep his job at Quinn Emanuel while campaigning. Quinn Emanuel said when it hired Suarez that it would take steps to avoid conflicts.

“I don’t see anything that presents a conflict other than my time and energy,” Suarez said in June. 

Other side jobs not listed on the filings have drawn scrutiny, including a consulting gig for a real estate developer that sparked multiple investigations, according to the Miami Herald newspaper. The developer claimed to have paid Suarez $170,000 since at least 2021 to help cut through red tape. Suarez denies wrongdoing.

The Miami mayor is traditionally viewed as a part-time job. South Florida’s tiered government structures generally means that the county mayor reigns supreme, leaving city mayors with limited powers. 

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Suarez has become a nationally known cheerleader for Miami, courting cryptocurrency companies and taking credit for an influx of tech entrepreneurs and Wall Street transplants. The city’s quick rebound from the Covid-19 pandemic and falling crime rates, as well as donations from the wealthy new arrivals, emboldened him to seek the Republican presidential nomination, the third candidate from Florida to do so. He’s so far polling well behind Donald Trump and Florida Governor Ron DeSantis.

DeSantis also profited from his popularity with a $1.25 million advance for his memoir from HarperCollins Publishers last year, fillings show. Back in 2021, DeSantis ended the year with a net worth of $319,000.

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