Apollo and FC Barcelona just proved legacy markets are losing their grip on business

Just this week, two very different global institutions made the same telling decision. Apollo Global Management, one of the world’s largest investment firms, and FC Barcelona, one of the most recognized sports brands, both announced moves away from New York City in search of more favorable operating environments.

For decades, states like New York and California were the unquestioned centers of economic ambition. If you wanted to build a company, scale a financial institution or anchor a global brand, those were the places to be.