Drawing capital, talent, and corporations at an unprecedented pace, Florida has elevated itself from a competitor among U.S. states to a player on the global economic stage.

New data from the Florida Chamber of Commerce Foundation places the Sunshine State's $1.8 trillion economy at No. 14 worldwide by gross domestic product (GDP). The chamber attributes the ranking to the state's commitment to lower taxes, streamlined regulations, and free enterprise.

"The best way to help America move forward is to have Florida lead the country forward when it comes to free enterprise and freedom," Florida Chamber of Commerce President and CEO Mark Wilson told Fox News Digital. "If we would follow Florida's lead, everyone wins."

The chamber announced last week that Florida's economy grew 6.3% over the past year, reaching $1.8 trillion and surpassing both Australia and Mexico. The state now trails South Korea, ranked No. 13, and would need approximately 2% additional growth to overtake it. Closing the gap with Canada at No. 10 would require roughly 21% more growth.

Policy Approach: Expanding Private Sector, Shrinking Government

"We're trying to grow the private sector and shrink the government sector," Wilson said. He described what he called a "death spiral" in several high-tax states, including New York, Illinois, New Jersey, Minnesota, and California, arguing that those states "keep increasing taxes" and "keep increasing government regulations," which drives residents and businesses away.

"So it only increases our resolve," he added.

Florida is one of eight U.S. states that levy no personal income tax, a distinction frequently cited by relocating businesses and high earners. The state's daily population migration has settled from its post-pandemic peak to approximately 500 to 600 people per day, part of a broader Sun Belt population shift that has also benefited states such as Texas, Arizona, and Tennessee. However, wealth migration has held firm at over $4 million per hour, Wilson noted.

"Places like New York and California are losing population, they're losing wealth, they're losing businesses, and places like Florida are gaining [them]," he said.

Industry Growth Across Multiple Sectors

While tourism, agriculture, and construction remain foundational industries, chamber data ranks Florida No. 1 nationally for new business startups and manufacturing job growth. Wilson also pointed to expansion in aerospace, defense, fintech, healthcare, logistics, and Central Florida's $11.6 billion modeling-and-simulation industry.

"The secret sauce for us in Florida is this has been part of a 20-year plan," Wilson said. "From the governor to the legislature, to nearly all of us in the business community, we've been on an ultra-focused pathway here of doing the right things from a policy standpoint so that we can grow Florida the right way."

Fiscal Position: Lowest State Debt Per Capita

Wilson argued that operating the state like a business with minimal debt shields local enterprises from national economic instability and Washington's debt concerns. The chamber reports that Florida carries the nation's lowest state debt per capita, at less than $1,000 per resident. By comparison, New York's state debt exceeds $6,500 per resident.

A recent Bloomberg analysis, citing U.S. Bureau of Economic Analysis data, found that the combined cost of living in the Miami, Fort Lauderdale, and Palm Beach region — referred to as the "Gold Coast" — runs roughly 5% higher than in the New York metropolitan area and its surrounding suburbs.

Wilson pushed back on the comparison: "We're taking a deep dive into that report. That actually doesn't compare New York to Florida — it compares Miami to New York City. And what we're looking at is not just the cost of living, but there are things like crime. Miami is now one of the safest places in America… It's safe to walk the streets at night."

He added that Miami-area leadership is working with the chamber to improve the education system and develop affordable workforce housing solutions in the coming years.

Billionaire Relocations and Housing Concerns

Wilson addressed the relocation of high-profile billionaires and major corporations to Florida, including criticism that the influx has pushed up housing costs and inflation for working-class families.

"They're looking for places where they're welcomed," he said. "What's interesting is a lot of billionaires are relocating to Florida, but they're also investing in Florida businesses… There's no question that when a lot of wealth moves into an area, it can increase the cost of living. But it also brings with it an overwhelming value proposition of more wealth, more jobs, more businesses."

"I would hate to be New York, Illinois, or California, where the billionaires are leaving, the millionaires are leaving, the middle class is leaving. And there's no one left to pay the taxes," Wilson continued.

Looking Ahead: Top 10 by 2030

Wilson and the chamber expressed confidence that Florida can reach the world's top 10 economies by the end of the decade. The Florida 2030 Blueprint, a 10-year strategic plan, targets fiscal, workforce, and civic goals with an emphasis on life sciences, defense, ag-tech, commercial space, logistics, and cybersecurity.

"It's like a military operation where we have all the branches, from education to infrastructure, to taxes, to regulation, to litigation — we all realize that we have a country to save," Wilson said. "If we're better than other states in certain metrics, then those states can up their game. If some states have found some things that Florida can learn from, then we'll learn from them, and that's gonna make America better."