Business Desk
May 29, 2024
The Mayor of Miami Francis Suarez faced financial turmoil around 12 years ago with a negative net worth of $99,000. Today, he stands atop a projected fortune of $6 million, a transformation that appears astonishing given his modest city salary, as reported by Forbes.
He cracked the secret to his financial success by doing his dual role: while serving in office, Suarez has been vigorously involved in private-sector work.
Over the years, Suarez strengthened his government income by accepting additional roles in private firms. His income potential grew in tandem with his political sway.
Although he has been getting a yearly remuneration of $130,600 as mayor of Miami since 2017, his earnings appear to have surged much higher owing to his positions as a senior working partner at a Miami private equity company, DaGrosa Capital Partners and as an attorney at a well-known law firm, Quinn Emanuel Urquhart and Sullivan.
Suarez's amassing of fortune hasn't been without challenges. His investments in real estate took a hit during the great economic recession, but he remained irrepressible, reinvesting his retributions into more local properties and assets, including a boat.
Although his side gigs have been making news before, the full story of Suarez's wealth has come to the limelight more recently. Miami's Mayor's rise from a negative net worth to a multimillion-dollar through private sector jobs alongside his political role raises many eyebrows regarding potential conflicts of interest.
