Illinois' richest man and Chicago's leading philanthropist is relocating to Miami

Billionaire Ken Griffin announced Thursday he is moving his family, his Citadel hedge fund, and his trading firm, Citadel Securities to Miami

Kenneth C. Griffin, Citadel Enterprise Americas LLCPhoto by Paul Elledge, CC BY-SA 4.0, via Wikimedia Commons

(CHICAGO) It's the third major company to announce a headquarters move out of the Chicago region. Thursday, we learned that Ken Griffin's investment firm, Citadel, is relocating to Miami.

Griffin announced the move in a memo to employees, where he stated, "Miami is a vibrant, growing metropolis that embodies the American Dream."

Citadel, with its headquarters at 131 South Dearborn Street, will be leaving the city, although the move will take a few years to complete.

Illinois is also losing Boeing and Caterpillar but gaining Kellogg

The news of Citadel comes as a series of blows to the Chicago region.

Last month, Boeing announced it was moving its headquarters out of the West Loop to Arlington, Virginia. And last week, Caterpillar announced it plans to relocate its headquarters from Deerfield to Texas.

However, the news has not been all bad, Kellogg announced it was splitting into three companies, and the largest will be headquartered in Chicago.

Why is Griffin leaving Chicago?

Griffin did not disparage Chicago in his letter to employees. However, in other forums, he previously complained about crime in the city.

In April, Griffin sat down with the Wall Street Journal and stated, "If people aren’t safe here, they’re not going to live here,” he said.

"I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”

Chicago is losing a considerable philanthropist

Forbes estimated Griffin's net worth to be $25.2 billion, making him the 53rd richest person in the world and the richest in Illinois.

According to Forbes, Griffin has donated around $1.3 billion to philanthropic causes and $600 million to the Chicago area, including the Shedd Aquarium, Lakefront Trail, and the University of Chicago Crime Lab.

The University of Chicago's economics department is named after Griffin, thanks to the $150 million he donated there in 2017. He also contributes heavily to politicians, including $45 million for Republican gubernatorial Candidate Richard Irvin.

*****

Want NewsBreak stories delivered directly to your phone? Download the NewsBreak App here. (Full disclosure: I do get a small commission if you click my referral links.)

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.