Bloomberg Billionaires Index

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# 43 Ken Griffin $29.1B

Random fact: Bought a first printing of the US Constitution for $43.2 million.

Overview

Griffin is the chief executive of Citadel, a hedge fund with $51 billion in assets under management. The Miami-based company has five core strategies in fixed income and macro, quantitative strategies, commodities, equities and credit. He also founded Citadel Securities, a global market-making business.

As of :
Last change +$17.0M ( +0.1%)
YTD change +$7.82B ( +36.7%)
Biggest asset Citadel Securities
Country / Region United States
Age 54
Industry Finance
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Ken Griffin's net worth of $29.1B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The bulk of Griffin's fortune is derived from the money he's made managing Citadel Advisors, the hedge fund firm he founded in 1990. It had $51 billion in assets under management as of May 2022, according to a Bloomberg News report.

Griffin probably has about $8.9 billion in personal assets in Citadel funds. This is based on a 2022 Form ADV filing, ratings reports and the hedge fund's returns through April 2022.

His ownership of Citadel's hedge fund business is estimated at 85% based on ADV filings and ratings reports. It's valued using the enterprise value-to-EBIT multiple of publicly traded peers, using estimated earnings based on the firm's 2021 performance. A 10% liquidity discount is applied.

Griffin is credited with 80% of Citadel Securities, his market-making firm. A June 2019 S&P Global Ratings report stated that he held an overwhelming majority of the company. It's valued using the $22 billion valuation agreed to as part of a $1.15 billion investment from Sequoia Capital and Paradigm in January 2022.

Griffin's personal real estate includes trophy properties in Chicago, New York, Palm Beach, Miami, Hawaii, Colorado and London. They're valued at their purchase prices as reported in Bloomberg News and the Wall Street Journal.

Griffin has liabilities of about $2 billion including mortgages, according to discussions with a person familiar with his financial situation who did not wish to be identified because the information is private.

Griffin declined to comment on his net worth in February 2022.

Biography

Birthdate: 10/15/1968
Family: Divorced, 3 children
Education: Harvard College

Kenneth Cordele Griffin was born and raised in Florida, according to a 2011 profile of him in Chicago Magazine. He attended Harvard University where he majored in economics, graduating in 1989 after three years.

With a computer, fax machine and telephone, he began trading convertible bonds in 1987 out of his dorm room with $265,000 he raised from his mother, grandmother and two non-family investors, according to Bloomberg Markets magazine. He persuaded his dorm's janitor to let him place a satellite dish on the rooftop to get access to real-time information.

After Harvard, Griffin moved to Chicago to work for Glenwood Capital founder Frank Meyer. He opened his hedge fund -- its original name was Wellington -- with $4.6 million the next year. He changed the firm's name to Citadel, and over the next decade and a half, the company delivered an annualized return of more than 25 percent.

The billionaire personally stopped trading by 2005, telling Bloomberg Markets magazine that his staff was better at it than he was. The funds lost $9 billion in the 2008 financial crisis, a period during which he told Bloomberg News he gained 20 pounds. Citadel's funds recovered all of their losses by January 2012, according to Citadel's website.

Griffin is an active art collector, paying $60.5 million for Paul Cezanne's "Curtain, Jug and Fruit Bowl" in 1999, then a record price for an Impressionist painting. He bought Jasper Johns's "False Start" painting for $80 million in 2006 from music mogul David Geffen. In 2020, he paid more than $100 million for Jean-Michel Basquiat's "Boy and Dog in a Johnnypump."

Griffin has given more than $1 billion to a number of non-profit organizations including the University of Chicago, Ann & Robert Lurie Children's Hospital and the American Museum of Natural History. His $150 million donation to Harvard for student aid was the largest-ever gift to school at the time.

In January 2022, Griffin's market-making firm, Citadel Securities, announced an investment from Sequoia Capital and Paradigm that valued it at $22 billion.

In June 2022 Citadel and Citadel Securities announced that they were shifting their headquarters to Miami from Chicago.

Milestones
  • 1987 Begins investing with $265,000 in capital out of Harvard dorm room.
  • 1989 Graduates from Harvard University with a degree in economics.
  • 1990 Hedge fund officially formed. Original name is Wellington Financial Group.
  • 1994 Changes hedge fund name to Citadel.
  • 1998 Citadel reaches $1 billion in investment capital.
  • 2008 Citadel loses $9 billion amid bear market.
  • 2012 Citadel funds recover their bear market losses by January of this year.
  • 2014 Files for divorce from wife Anne Dias-Griffin.