It’s not Detroit part deux yet but it appears to this outsider to be a sick place.
The last time I was in Chicago (it’s been over 5 years now) the place felt like it was crumbling. The traffic was on par with anything Washington DC had (often considered the worst or second worst city for traffic in the USA). The sky scrapers loom and are fantastic. The lake is nice. The neighborhoods spill out on the flat Illinois plains. It is without doubt one of the great cities of the world. But the economics of the place is working against it.
We recently wrote that taxpayers who didn’t want to fund the endless pension obligations of city (and state) employees should consider getting out while they could. One of my social media friends (who lives in Chicago) wrote me in response to the piece and said he wished he could leave but that he was trapped. Many people are. People with lots of money have options.
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.