Ken Griffin’s departure from Chicago has sparked a conversation about the role of corporate philanthropy in the city’s future.
The hedge fund billionaire, who donated over $650 million to various institutions, including the Griffin Museum of Science and Industry and the Art Institute of Chicago, left behind a legacy of significant charitable contributions before moving to southern Florida in 2022.
Despite Griffin’s exit, many Chicago residents still value the contributions of corporate philanthropists.
A recent poll revealed that 44% of Chicago adults believe businesses and their executives have a responsibility to give back to the community.
Moreover, approximately one-third of residents think that City Hall is lacking sufficient input from the business community to tackle the city’s pressing issues.
Interestingly, the majority of Chicagoans do not hold business leaders accountable for this shortfall.
In another recent survey, 60% of residents stated that Mayor Brandon Johnson is not doing enough to involve the private sector in revitalizing the city.
As Johnson enters the second half of his four-year term, it seems unlikely he will pivot toward a more business-friendly approach.
Instead, he may feel compelled to align more closely with the progressive factions of the City Council and grassroots groups that are increasingly questioning his leadership and priorities.
Yet, it is crucial that corporate executives do not base their charitable efforts on receiving invitations from the mayor.
Chicago’s needs are significant and are expected to grow, especially as federal funding for public health and social safety net services becomes tighter under the Trump administration.
Historically, Chicago has enjoyed the benefits of philanthropy from local industrialists and tycoons dating back to the meatpacking era, with continued support throughout the 20th century from families like the McCormicks, Fields, Crowns, and Pritzkers.
Many of their contributions are memorialized in institutions like the Peggy Notebaert Nature Museum and the Shirley Ryan AbilityLab.
These business leaders have also joined forces to support the city through prominent organizations like the Civic Committee of the Commercial Club and World Business Chicago.
Such collaborations have made Chicago a standout example of where the private and public sectors can set aside political differences to work on crucial challenges together.
Chicagoans generally view business leaders as a positive force in the community, although there is a noticeable generational divide.
Among residents aged 55 and older, 53% believe that local firms have a responsibility to reinvest in the city.
Conversely, only about 40% of adults under 35 share this sentiment.
Throughout Mayor Johnson’s administration, executives have expressed concerns about feeling sidelined when it comes to city matters.
This sense of exclusion contrasts sharply with the experiences of his predecessors, Lori Lightfoot, a corporate attorney, and Rahm Emanuel, who came from an investment banking background.
As a result, only three of the region’s ten wealthiest companies are still contributing to World Business Chicago, the city’s business recruitment agency.
Additionally, Chicago has lost the headquarters of three major corporations—Boeing, Caterpillar, and Citadel—while also witnessing a retreat from others like Walgreens.
This decline has occurred despite the city’s history of successful public-private partnerships and its remarkable physical and cultural attributes.
Even if business leaders do not agree with the mayor’s tax-and-spend policies, they can still make a difference by supporting nonprofits and local initiatives, just as Griffin did.
The next generation of philanthropists is exemplifying this commitment.
Liam Krehbiel, a former management consultant, founded A Better Chicago, a nonprofit venture fund aimed at investing in youth-serving community organizations.
Since its establishment, A Better Chicago has raised tens of millions of dollars designed to lift children and young adults out of intergenerational poverty.
Another notable figure is Pete Kadens, co-founder of Hope Chicago, which funds college education for high school graduates from the West and South sides along with a parent, making higher education accessible for numerous families.
This giving spirit reflects an important mantra: to whom much has been given, much is expected.
As Chicago faces a plethora of challenges, the role of corporate philanthropy will undoubtedly remain integral to the city’s ongoing evolution.
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