Connecticut

Connecticut operates as a satellite in orbit around New York City's financial gravity well, capturing spillover while offering differentiated conditions. Greenwich has emerged as the hedge fund capital of America—home to 32 of the Top 500 hedge fund managers, including Bridgewater Associates in Westport ($150+ billion under management) and Viking Global in Stamford ($48 billion). The state hosts 256 hedge fund managers total, ranking fifth nationally, with 7,650 workers employed across the industry.

This clustering follows classic commensalism logic: Connecticut benefits from proximity to New York's capital markets, talent pool, and deal flow without directly competing with Wall Street's investment banks. Train access to Manhattan takes under an hour, yet Greenwich and Stamford offer lower density, favorable tax treatment, and the ability to raise families in suburban environments. The hedge fund concentration creates its own gravity—$30 billion in institutional capital flows through Connecticut-based funds, and local wealth generates $770 million in venture capital investment annually.

The geographic niche partitioning proves self-reinforcing. High-value properties generate property tax revenues that fund elite public schools, which attract more financial professionals, which drives real estate values higher. Connecticut's per capita income of $88,447 ranks second nationally after only Washington D.C. Yet this satellite strategy creates dependency: the state's fortunes rise and fall with fund performance and with Manhattan's continued willingness to commute. Like a remora attached to a shark, Connecticut's economy moves with the rhythms of a larger predator it cannot control.