Millionaires Are Fleeing Chicago In Record Numbers

Tyler Durden's picture

Recently, we’ve shown where wealthy people reside within the US, and where they’re fleeing from (here, and here). We now present to you the US city that is winning the race to drive out their wealthiest taxpayers. 

As the Chicago Tribune reports, that city is none other than Chicago, Illinois. 

Millionaires are leaving Chicago more than any other city in the United States on a net basis, according to a report by New World Wealth.

About 3,000 individuals with net assets of $1 million or more (not including their primary residence) moved from the city last year, representing about 2% of the city's high net worth individuals.  It is unclear where they went: cities in the United States that saw a net inflow of millionaires included Seattle and San Francisco. One thing is certain: they couldn't wait to get out. 

Among the reasons cited for leaving their former home town, many said rising racial tensions and worries about crime as factors in the decision.

The gun violence part we get. Over the weekend, when we penned that "Chicago Disintegrates - Gun Shootings Soar An Unprecedented 89%: "It's The Struggling Economy" we broke out the stunning statistics within America's very own warzone:

"Gun violence in the windy city is on track to post its worst year in the 21st century, the result of an unprecedented surge in gun deaths in the first three months of the year.  By March 31, 141 people had been killed, according to the Chicago Police Department.

 

The 141 deaths in the first three months of the year mark a 71.9% jump from the same period in 2015, when 82 people were killed. It's the worst start to a year since 1999, when 136 people died in the first three months the year, according to the Chicago Tribune.

 

At that pace - an average of three killings every two days - Chicago would have 564 homicides by the end of the year. That would eclipse the 468 killings recorded in 2015 and 416 in 2014."

 

Still, at least for the time being, these mass shooting sprees are largely isolated to poor neighborhoods of the windy city. As such, it is difficult to see millionaires be directly impacted by what happens in inner city ghettos.

Which probably explains why while the article touches on crime and racial tensions as reasons people are leaving, there is also another little, or rather big, matter that is driving the people away: taxes. 

According to the Tribune, Illinois Comptroller Leslie Munger recently had this to say about the mounting unpaid bills and budget concerns that the state continues to face.

"We can't go bankrupt and we can't print money. Taxpayers are going to have to pay this bill."

Actually it can go bankrupt.

Recall that just two weeks ago we reported that the "Countdown To Insolvency Begins For Chicago Pensions As State Supreme Court Rejects Reform Bid", in which we wrote that following a controversial Supreme Court decision, "there will be no legislating away pension benefits - even if doing so is the only realistic way for officials to ensure that state and local governments can continue to pay out any benefits at all going forward. That is, even if long-run insolvency is certain, benefits will be paid out in full up to and until the day of reckoning finally comes and it will be up to lawmakers to figure out how to rescue the system in the meantime. If that means raising taxes and/or going into further debt, then that's what it means."

And although they may not be able to print money, we can’t help but wonder if the organization that can, will begin to take on the state insolvency issue in the future to prevent that from happening. After all, the bailout tour must continue to roll on.

For now however, Chicago's future is bleak, and when the hammer finally does hit, it will do so without Chicago's wealthiest present.

Finally, it may not come as a surprise that of all cities around the globe, Chicago was only third in millionaire exodus rankings.

Which was first? Paris, France.

A Rolls-Royce is displayed Feb. 11, 2016, at the Chicago Auto Show. 3,000
millionaires moved out of Chicago in 2015, it is unclear what cars they drove

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Nigger Rich's picture

non-whites are the problem. soon there won't be any white areas in the world to escape to.

TradingIsLifeBrah's picture
TradingIsLifeBrah (not verified) Nigger Rich Apr 6, 2016 7:06 PM

Try Antartica, plenty white there

TurnwiseWiddershins's picture

I had considered moving to North Dakota, or maybe even Saskatchewan, for the last few years.  -40° tends to keep the riff-raff out.

Money Counterfeiter's picture
Money Counterfeiter (not verified) TurnwiseWiddershins Apr 6, 2016 7:14 PM

Zionist already claimed Canada.  Lock and load and get ready to die.

Casanova's picture

What about these BILLIONAIRES and TRILLIONAIRES >> https://goo.gl/bFYusM

wee-weed up's picture

Coming soon... Detoilet Part Deux!

ZeroIntelligence's picture

Saw this article a few days ago. Pick up the pace ZH!

NidStyles's picture

ZH is here to craft a specific narrative these days. The days of it being the cutting edge in reporting are far behind us.

Baa baa's picture

Were it not for the comments, I would agree.

HectorCamachoTrump's picture
HectorCamachoTrump (not verified) TurnwiseWiddershins Apr 6, 2016 8:18 PM

"-40° tends to keep the riff-raff out."

As well as the normal people.

t0mmyBerg's picture

Not really.  I moved out of Chicago for many of the same reasons these people did a couple of years ago.  I moved to Minnesota which is consistently about 10 degrees colder than Chicago where I am.  One of the reasons is that I like my winters cold.  In Chicago you would get a great snowfall but then 10 days later it was 40 degrees and the snow melted.  So sledding or skiing (yeha right) could only happen sporadically.  Lakes and ponds didnt freeze thoroughly enough to be safe.  Up here when the lakes freeze, they stay frozen and you can drive a truck on them.  Once it starts snowing, it pretty much stays snowy the whole winter (although this extreme el nino winter was one of the mildest in a long time).  If you like winter sports it is awesome.  And you can play hockey outside.

My dad said he spoke to one of his very rich friends in Lincoln Park who has a very sweet place and they are trying to time their escape too. And these people are die hard lefties.   The city and state will start coming after the wealth soon.  And even if they dont,  the level of services will decline.  The city will degentrify and the gangs will move ever closer to the best parts of town having overtaken the recently made good parts.  It haoppened before and it will happen again.

401K of Dooom's picture

Hey buddy, where are these wealthy lefties moving to?  Because I don't want them near my home.  They have alredy screwed up their own neighborhood electing idiots like Daley, Harold Washington and Rahm.  And then they had to inflict Obama on us.  Now they expect to come into my neighborhood and live with me as if nothing happened?  And that they are not responsible for the state of the country?  Screw em!  Let the gangs eat em!

mr1963's picture

Texas. They'll ruin that next.

Apocalicious's picture

Yep, it's already starting. 4 out of 10 tax revenue dollars in this state are spent on healthcare services for the indigent. When they start to run out of sales tax revenue, you can bet we'll see a state income tax...

Baa baa's picture

It's called a Frachise Tax. Remember?

Occams_Chainsaw's picture

Antartica also posesses the most educated populace in the world.

ebear's picture

Penguins. They watch and wait.

booboo's picture

Ever see a dead penguin? No didn't think so because when penguins die the males encircle the carcass and dig a hole with their nails and beaks and push it in and cover it...then they start singing "freeze a jolly good fellow, freeze a jolly good fellow"......

it was the best I could come up with don't be hatin'

Arnold's picture

Very nicely done. You have my respect.

I am saving my dropped jaw awe for another time.

Bananamerican's picture

'Penguins. They watch and wait.'

logged in to upvote that...

I love silly shit

silverer's picture

You can't be a moron and survive there.

logically possible's picture

I really could do without anyone from Chicago moving to my State. Millionaires or not. Who knows what they might bring, stuck on the bottom of their shoe.

Smilygladhands's picture

A law preventing them from inverting their domicile to avoid paying Chicago tax is in order I beleive

StychoKiller's picture

'Cept for the little dweebs in tuxedoes!

JoeySandwiches's picture

That's the goal:

 

Frans Timmermans, a Dutch diplomat and Vice-President of the European Commission, urged all members of the EU parliament to increase efforts to "erase single, monocultural nation states" and accelerate the process in which "every single nation on earth must eventually become diverse". During his speech in the EU Fundamental Rights Colloquium 2015 he put special emphasis on the importance of "not allowing even the remotest places on the planet to exist without diversity".

The future of humanity, so he says, no longer belongs to individual nations and cultures, but rather a mixed super-culture. Contemporary conservatives, who value their own traditions and want a peaceful future for their own communities, value a "past that never existed" and can therefore not dictate the future. Timmermans therefore implies that European culture and heritage are nothing but social constructs and anybody who says otherwise is narrow-minded."

 

https://www.youtube.com/watch?v=N14U5ZE-N2w

Government needs you to pay taxes's picture

How's that 'diversify Israel' effort coming along?!?

HRH of Aquitaine's picture
HRH of Aquitaine (not verified) Kagemusho Apr 6, 2016 11:00 PM

Once the cultural Marxists think they can shove their version of BS down your throat the only solution left is to flee with your money and to flee for your life. No one wants to live in fear for their life 24/7/365.

I hope the cultural Marxists end up rooming with Muslims which will result in them killing each other. Good riddance.

mvsjcl's picture

That is one evil fucker, man.

Thom_333's picture

Awful idiot. Timmermans that is. Only hope justice finds him with a quick and short drop once the terrorist wars really get rolling. I'd say 2017 - 2018. It will be different that WWII but not less awful this new WWIII.

What we need to do , stat , is to wipe Saudi off the map. Lot of the funds and ideology and support comes out of that place.

 

silverer's picture

Then, finally, the Vikings come back.

Dave Whiteman's picture

If you ain't White, you ain't American.  jews are trying to eliminate Whites-

Lorca's Novena's picture

Well done Rahm! Well done! May you be appointed under secretery of the UN when your butt boy becomes UN Chief. Next stop for you is Canada? Iceland? 

RaceToTheBottom's picture

Don't be dissing Iceland.

They are the only country with the balls to put Banksters in jail.

That act can not be overestimated.

HRH of Aquitaine's picture
HRH of Aquitaine (not verified) RaceToTheBottom Apr 6, 2016 11:02 PM

Good point. Also the French banned burkas. There are some in Europe that don't have their heads up their assholes.

Apocalicious's picture

Yeah, to eliminate the competition so their PM could set up off-shore shell companies in his wife's name to acquire bank assets on the cheap.

 

Spare me the Iceland heroism bullshit...

RaceToTheBottom's picture

heroism, I don't give a fuck.  As long as they are against the bankster, even if just on the surface, I am for them.

 

Who else has even done that?

TradingIsLifeBrah's picture
TradingIsLifeBrah (not verified) Apr 6, 2016 7:05 PM

Guess the drug dealers got their money in the city and they are moving on out.  Its tough to get out of the game but I'm glad to see some people know when to move on.  They can buy some real estate in San Francisco to clean that drug money on up.

stant's picture

" I'm outa heea yoose guys"

TurnwiseWiddershins's picture

I really miss that store that used to be there for the kids.  Why can't they reopen it?  Surely Rahm & Obie can get that store up and running again.  For the kids of course.

Kagemusho's picture

Just remember: less selfies, more situational awareness. And buy some body armor.

cheech_wizard's picture

Speaking of exactly that...

A man on Chicago's South Side was filming as he got shot, this is reality everyday in Englewood

https://www.youtube.com/watch?v=AiJyali3rlk&sns=fb


Kissy Ass's picture

Ah the poor babies are unhappy.

It would be better if they were leaving in body bags.

Baa baa's picture

Envy is bad for the heart.

krispkritter's picture

Rahm: "You never let a serious crisis go to waste."  Yeah but you can let it dictate when you vacate. Bwahahahahaha!

holdbuysell's picture

Those that can produce will leave. Those that can't will stay.

It's only a matter of time at this point.

BandGap's picture

Correction.

Those who can afford to leave do so.

Those who cannot will try to endure.

Consider this map, the blue portions are where ZERO homicides have taken place.

http://heyjackass.com/2016-deadliest-hoods/

The gangs have their no shoot zones.