Ken Griffin’s Push to Reshape Miami: The Citadel founder, worth $29.4 billion, has moved his family and his businesses to a region ripe for transformation. Some question which communities will be displaced in the process.
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The Citadel founder worth $29.6 billion has ditched Chicago for Wall Street South. Not everyone in Miami is so welcoming.
In a few years and change, if everything goes to plan, Miami will look far different than it does today.
There will still be nightclubs, Little Havana, perhaps even the crypto diehards. But alongside them: programmers and portfolio managers filling the streets of Brickell and driving breathtaking profits inside the state-of-the-art, built-from-scratch global headquarters of Citadel and Citadel Securities. Plus legions of lawyers, accountants and hedge-fund hopefuls following the money to an enduring Wall Street South that outlives the Covid-19 pandemic.
This is the vision of Ken Griffin, instantly Florida’s richest person after moving his family and financial empire to Miami from Chicago. Depending on whom you ask, his maneuvers conjure Niccolo Machiavelli or Ayn Rand, Robert Moses or David Rockefeller. With a $29.6 billion fortune, he’s a force in business, philanthropy and, especially of late, politics.
Some Miamians are more enthusiastic than others. Proponents point to the multiplier effect on the local economy from thousands of well-paid workers, with everyone from Jeb Bush to Jorge Perez viewing Citadel as a catalyst that turns Miami into a new US capital of high finance and tech, with all the infrastructure and culture that comes with it. Skeptics question which communities will be displaced in the process — and whether Griffin has bigger plans in the works.
The Citadel founder is attempting a rare feat: to pick up and move at the prime of his career, at a time when his business is thriving, to a more malleable city where the wind is firmly at his back. Instead of a foil like billionaire Democrat J.B. Pritzker in the state capitol, he has a like-minded governor, Republican Ron DeSantis, who Griffin said he’d back for president in 2024, even if up against Donald Trump.
Read more: https://www.bloomberg.com/news/features/2022-09-20/citadel-s-ken-griffin-brings-billions-to-make-miami-wall-street-south?srnd=wealth
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