By: Mark Glennon*
A recent report by New World Wealth identifies which cities and countries had the largest net inflow and outflow of millionaires in 2015. Chicago had the third largest net outflow based on the raw numbers — 3,000, and fourth by percentage — 2%. The full report is linked here.The other top cities for outflows, according to the report are in the chart below.
According to IBTimes, “the report was based on data collected from investor visa programme statistics of each country; annual interviews with around 800 global high net worth individuals and with intermediaries like migration experts, second citizenship platforms, wealth managers and property agents; data from property registers and property sales statistics in each country; and by tracking millionaire movements in the media.”
Meanwhile, Chicago schools are closed today due to a strike by the Chicago Teachers Union. Among their demands is imposition of a new, special tax on millionaires.
*Mark Glennon is founder of WirePoints. Opinions expressed are his own.
UPDATED to correct error in original that transposed outflow number with number in the city.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
Ted joined Dan and Amy to talk about the free speech controversy brewing in Wilmette due to the city’s refusal to fly a religious freedom flag, the city’s left-wing excesses and the growing culture war, the latest money spent on the illegal immigrant crisis, and more.
Weekly crime statistics from the Chicago Police Department: Report through 4/14/2024.
This number 3,000 is probably way too small. How many govt ees and their spouses under age 70, receiving a govt pension of total husb/wife of $75,000 or more, moved out of the state ?? Exactly — unknown and they weren’t figured as millionaires — but they ARE net worth M/aires.
Steve- That’s exactly right. I’m not sure how scientific the methodology was on the referenced study, but I have no doubt the problem is far more severe if you really count all “millionaires.” I’m confident it’s also horrible if you count multimillionaires. I’ve been writing for some years about the overwhelming evidence, though anecdotal, about the very wealthy leaving or changing their residence to other states. It’s epidemic, and a big blow to the tax rolls and the broader community.
Mark, check out Bob Oriole’s link about the hedge fund guy moving fm NJ to FL. — amazing!
Here’s a good article on one of the untended consequences resulting from “tax the rich, let them pay their fair share.” http://www.dailymail.co.uk/news/article-3533539/How-one-man-moving-Florida-cause-devastating-140MILLION-tax-hole-New-Jersey-Hedge-fund-billionaire-causes-budget-deficit-crisis.html
Bob THX, great link!!