Chicago’s richest resident is moving to the Sunshine State, and he’s taking his money – and his company – with him.
Ken Griffin, a hedge fund manager worth almost $29 billion, has already moved himself and his family to Florida. And recently, he released a memo to employees that his $22 billion firm, Citadel Securities, would also move its headquarters there.
While the trend of companies moving from high-tax states like California, Illinois, and New York to lower-tax, business-friendly states like Texas and Florida is nothing new, one factor in the decision is potentially concerning for the future of Chicago’s business climate.
Crime a Factor in Citadel’s Move Out of Chicago
Citadel officials cited crime as one critical reason for the move. According to a report, over the last few years, there have been multiple incidents involving Citadel employees. Ken Griffin himself experienced an attempted carjacking, a Citadel employee was stabbed while walking to work, and there have been numerous reports of shootings, riots, and looting near some employees’ homes.
Ken Griffin has been outspoken about how crime has affected his employees. In a recent interview, he said, “if people aren’t safe here, they’re not going to live here. 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.”
