Chicago Lost More Millionaires Than Any Other U.S. City In 2015
Chicago lost more millionaires than Russia in 2015, according to new research on the migration of high-net-worth individuals. The Windy City is the only American city to register a significant outflow of millionaires in 2015, topping the losses of economically and socially distressed nations such as Russia, Spain and Brazil – and tying Greece. And while Chicago has more high-net-worth individuals than Russia and Spain, the percentage of the city’s out-migrating millionaires – 2 percent – still matched that of those countries, and even surpassed Brazil’s loss of 1 percent. Chicago lost 3,000 of its 134,000 millionaires.
One reason millionaires are leaving Chicago is that they tend to be the most mobile and are often leaving a bad situation. 30 to 40 percent of millionaires are business owners who take jobs with them, and millionaires shouler a significant portion of the overall tax burden. Illinois lost a net of nearly 10,000 tax returns and more than $3 billion of annual income from taxpayers reporting more than $100,000 of adjusted growth income (AGI) in 2013