The news of Citadel’s relocation to Miami is the most significant news for the city in decades, according to a developer.
This is the biggest thing that has ever happened to Todd Michael Glaser, who has been in South Florida for 58 years and is a well-known developer of luxury single-family homes. He said that on his social media account. The Citadel hedge fund, which has a net worth of over $51 billion and is managed by billionaire investor Ken Griffin, is moving its headquarters from Chicago to Miami. The relocation follows the trend that has been observed this year as investment firms are relocating to Miami in response to the virulent pandemic.
The owner of Citadel, Ken Griffin, is Illinois’ wealthiest resident with a net worth of $25 billion. After being urged to relocate his hedge fund and the electronic trading firm Citadel Securities, Ken Griffin decided to move his business to Florida for a variety of reasons. Florida is known for its business-friendly climate, as well as its low tax rates that can save money for businesses. It’s also one of the few states without any state income tax which provides a more favorable financial climate than many other states. Citadel executives have also expressed concerns about the growing crime rate in Chicago, citing an incident in which a Citadel employee has stabbed just a block from the Chicago office, and another case in which a Griffin employee’s car was attempted to be stolen. They also noted that their offices are located near ongoing protests.
Citadel has announced both their relocation to Downtown Miami and their plans to co-develop an office tower here in Miami’s Brickell district. One of the world’s most successful hedge funds, Citadel, has been in Chicago for more than three decades. A spokesperson told that Griffin paid over $200 million per year in income taxes to the state of Illinois and Citadel employees have paid over $1 billion in taxes to the state over the past 10 years. The company employs 1,000 people at its headquarters. This 10% decrease in employees over the past two years is representative of how difficult it is to recruit top talent in Illinois. However, the company still has 4,000 employees working in 17 offices around the world.
Born in Florida, Griffin donated more than $600 million to local organizations. These contributions were made to educational, cultural, medical, and civic organizations in need of funding.
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