Over 3,000 millionaires have fled Chicago in recent months.
This is the largest outflow of wealthy people from any US city right now. It’s also one of the largest outflows of wealthy people in the world.
But it’s not just millionaires… Every five minutes someone leaves Illinois.
In a recent poll, 47% of people in Illinois said they want to leave the state. Over the last decade, more than half a million people have done just that.
This is the largest outflow of people from any state in the country.
The people who leave are generally better educated, more skilled, and earn more money than those who stay. Entire towns of affluent Illinois refugees have sprouted up in Florida, Arizona, and other states.
Illinois is bleeding productive people.
This is a major warning sign.
Wealthy people are often the first to leave a bad situation. They have the means to simply get up and go. And when they do, they take their money and their businesses with them.
This hurts the local property market and the rest of the local economy.
Many of Illinois’ millionaires own businesses that employ large numbers of people. As they leave, there are fewer people and businesses left to shoulder the state’s enormous and growing financial burdens.
Many of these people are leaving for one simple reason: rising taxes.