Seattle drops to 13th in US cities attracting foreign investment

Seattle -- the home city of some of the biggest names in Corporate America including Microsoft, Starbucks, Expedia, Amazon -- declined in a new ranking of the best places in the US to attract foreign businesses and investment.

According to the fifth annual list compiled by British newspaper Financial Times and stock market index Nikkei, Seattle ranks 13 among 95 US cities — a huge drop of 11 places from last year’s No. 2 position.

The Financial Times ranking measures cities across more than three dozen metrics that FT-Nikkei call important to foreign investors, including energy resilience, trade war resilience, workforce and talent, openness, business environment, foreign business needs, quality of life, and investment trends.

Seattle’s average score was 62 out of 100.

The No. 1 ranked city Boston jumped 10 spots with a score of 73.

Incidentally, earlier this year Washington state passed 'Millionaire's tax' that is applicable to those with annual income of more than $1 million.

Several Seattle residents expressed shock and dismay on the report on LinkedIn.

Lately, many in the tech community has been voicing their opinion about Seattle's 'perceived' anti-business image.

Kirby Winfield, founder of Seattle venture capital firm Ascend, shared the graphics on LinkedIn showing Seattle’s slide.

“As a Seattle native it kills me to see reports like this,” he wrote.

Startup founder Curtis Crimmins, lamented in a LinkedIn post, "Seattle’s innovation changed the world. From the devices we use daily, to how we shop, and communicate. The kneecapping of this culture has been swift and cruel. I’m obsessed with how we get it back, and I’ll do anything to help us get there."

Some also mentioned a trend that has seen other prominent entrepreneurs leave the city for other states.

Among these are Amazon founder Jeff Bezos to Miami; former Starbucks CEO Howard Schultz also to Miami; and Expedia and Zillow co-founder Rich Barton to Las Vegas.

Jeff Bezos on leaving Amazon's hometown for Miami

Amazon founder Jeff Bezos left Seattle, the city where he started Amazon as an online bookseller, in November 2023.

Though in his 'good bye' note to the city Bezos wrote that he wants to be closer to his parents, adding, "Seattle, you will always have a piece of my heart."

There are people who have linked it to the state's economic policies.

"Seattle has been my home since 1994 when I started Amazon out of my garage. That’s my dad behind the camera in this video, touring Amazon’s first “office.” My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High class of ’82 — GO Panthers!) I want to be close to my parents, and Lauren and I love Miami. Also, Blue Origin’s operations are increasingly shifting to Cape Canaveral. For all that, I’m planning to return to Miami, leaving the Pacific Northwest. I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here. As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart," wrote Bezos in his farewell note to the city.

Microsoft President Brad Smith warning on Washington's tax structure

Another prominent voice that has been pointed in its criticism of the state's taxation policy is Microsoft President Brad Smith.

Microsoft's top exec has warned that Washington risks taking its tech sector for granted and urging lawmakers to focus on economic development — not just revenue extraction.