Many Americans have argued that democratic policies are failing America’s great cities, such as Los Angeles, Detroit, and Chicago.
Ken Griffin, who is worth $29 billion, and his multi-billionaire hedge fund called Citadel announced the company’s decision to move from Illinois to Florida.
Griffin is the richest man in Illinois and among the 50 richest people on the planet. He reportedly hinted to The Wall Street Journal that crime rates in Chicago have played a role in his decision.
“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,” Griffin added.
Citadel is the third major company to move its headquarters out of Chicago in a matter of months. Construction machinery maker Caterpillar moved to Irving, Texas. Airplane manufacturer Boeing relocated to Arlington, Virginia.
In a letter to employees, “Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois.”
“Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world,” he said.
The city of Chicago struggled immensely under the leadership of Democrat Mayor Lori Lightfoot, who now left Chicago and works at Harvard University. She teaches a course titled “Health Policy and Leadership.”
Under Lightfoot, Chicago recorded 797 homicides in 2021, which is the highest of any U.S. city.
The city acknowledged that Citadel’s move to Florida is a very bad development that will only make things worse in Chicago.
“We thank the Citadel team for their contributions to our city and their many philanthropic commitments, particularly around education, arts and culture and public safety,” a statement from city officials said. “Our economic outlook has never been stronger and we will continue to build upon a best-in-class recovery in the nation amongst large U.S. cities.”
Griffin is heavily involved in philanthropy activities as well as real estate. Citadel manages over $51 billion in investment capital.
Democrat Governor J.B. Pritzker has reportedly been at odds with Griffin. Pritzker claims that “countless companies” are still choosing to do business in Illinois.
“We will continue to welcome those businesses — including Kellogg, which just this week announced it is moving its largest headquarters to Illinois — and support emerging industries that are already creating good jobs and investing billions in Illinois, like data centers, electric vehicles and quantum computing,” Pritzker spokeswoman Emily Bittner said.
