Wednesday, April 6, 2016

Tribune: Millionaires are leaving Chicago, report says

I found this most interesting:
Millionaires are leaving Chicago more than any other city in the United States on a net basis, according to a new report.

About 3,000 individuals with net assets of $1 million or more, not including their primary residence, moved from the city last year, with many citing rising racial tensions and worries about crime as factors in the decision, according to research firm New World Wealth. That represented about 2 percent of the city's high net worth individuals....
Chicago was among four cities worldwide with the biggest flight of millionaires.
And then it got more interesting:
Most of the millionaires who left Paris and Rome fled their countries, while Chicagoans moved elsewhere in the United States, said New World Wealth, whose data is used by luxury-goods companies, private banks and real estate professionals, among others.
Findings of the New World Wealth report are consistent with a Nielsen study released late last year that showed Chicago is losing large numbers of affluent African-Americans.

The Nielsen report found that the Chicago area has fallen out of the top echelon of U.S. cities when it comes to the percentage of black households earning more than $100,000. In 2000, Chicago ranked seventh among the cities with the largest percentage of black households with income at that level or higher, but in 2015, Chicago had dropped out of the top 10.
The question is now what's going on in our fair city. Why are there fears of racial tension? Why are the more wealthier Blacks leaving the area entirely and taking their resources with them?

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