According to Miami New Times, former Miami Mayor Francis Suarez transformed his mayoral salary into a multimillion-dollar fortune over the course of his tenure. Financial disclosure records reviewed by the publication reveal that Suarez’s net worth climbed from around $400,000 early in his term to more than $5 million by 2024.
The records reported in the Miami New Times show that while his taxpayer-funded city salary was approximately $97,000 annually, most of Suarez’s wealth came from consulting work and outside legal and real estate deals. His portfolio now includes a primary home valued at more than $2 million, five investment properties, a $235,000 boat, and nearly $600,000 in cryptocurrency holdings.
Suarez began his mayoral career in 2018 with a net worth of roughly $411,000, according to New Times, and increased his wealth through private sector work. By 2022, his net worth had reached more than $3.4 million, and it continued to rise through 2024.
In his final State of the City address, Suarez framed his legacy as one of economic revival.
“I inherited a city that in the 1980s was beset by violence,” Suarez said to NBC 6 in January 2025 following his final State of City address. “In 2000, was stricken by poverty, and in 2010, it was bankrupt. We’ve taken it to a city that has historically low homicide rates. That has historically high-income growth rates.”
As Suarez departs City Hall, Miami voters have chosen new leadership. His successor, Democratic Mayor Eileen Higgins, struck a contrasting tone in her victory speech, emphasizing governance over personality.
“Miami chose a new direction,” Higgins said during her victory speech, reported by Politico. “You chose competence over chaos, results over excuses, and a city government that finally works for you.”
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