Being the mayor of a large, international city is definitely a glamorous gig, but usually there’s nothing glamorous or dramatic about the salaries of those who hold office. Typically they’re on the boilerplate side, and being mayor of a big city is usually considered a stepping-stone job.
Francis X. Suarez is definitely an exception to the role. Whether serving as the mayor of Miami is a stepping stone for him is still very much up in the air, but there’s no doubt that he’d taken a very unusual approach to collecting his estimated salary of $150,000 to $200,000.
Why? Suarez has been taking the equivalent of his city paycheck in Bitcoin, a risky approach considering how volatile the price of Bitcoin has become. As of 2022, Francis Suarez has an estimated net worth of $5 million.
Suarez’s belief in Bitcoin isn’t the only tidbit when it comes to his political journey. He’s also the first mayor of Miami who’s an actual native of the city. His aunt, Lala, is also the mother of Alex Mooney, a member of Congress who’s from West Virginia, so the fact that Frank wound up in politics isn’t exactly surprising.
Suarez did his undergraduate work at Florida International University, earning a degree in finance before getting his law degree from the University of Florida.
He went on to work for the law firm of Greenspoon Marder, where he specialized in corporate and real estate transactions.
The 45-year old Suarez began his political career in 2009 when he became the commissioner for District 4, but he had to win a tight runoff election to get the job.
He became mayor of Miami in 2017, and his track record has been controversial. Suarez has received praise for his program to protect Miami from the rising seas that are an integral part of the ravages of climate change.
He also wants to reduce taxes for Miami residents, claiming that MiamiCoin could help fund the city coffers. Given the radical nature of that proposal and the recent crypto market crash, it’s not surprising the crypto project was highly ambitious.
He claims that he doesn’t push anything on anyone when it comes to advocating for a city coin, but many of his political adversaries would strongly disagree.
Suarez has also taken heat for his stance as a Republican. He voted against current governor Ron DeSantis, and he also didn’t vote for Donald Trump in the 2020 presidential election. Suarez claims to be non-partisan, but those same adversaries would likely call him a RINO.
Regardless, Suarez remains popular in the city he continues to run. He won his last election by getting nearly 80 percent of the vote, and he continues to dominate local popularity polls.
As flamboyant as many of his opinions are, Suarez keeps his personal life on the quiet side. He’s married to Gloria Fonts Suarez, who is also a Miami native raised by Cuban immigrants, and the couple has two children.
As for his current net worth, it’s difficult to estimate an accurate figure. Before the crypto crash he was reputed to be worth $5 million, but it’s safe to say that he might have taken a hit.