Chicago

Millionaires Are Fleeing Paris, Athens, and … Chicago

Money talks, but it also walks.

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Yacht
Credit: Alexander Shalamov | Dreamstime.com

Nobody has the ability to vote with his feet like an extremely wealthy person. New World Wealth, a South Africa-based research group that provides statistical information about the behavior of rich people around the world, released a new report that shows how that vote turned out in 2015, looking at which countries and cities are losing millionaires, and to which countries and cities they are moving.

The big winner is Australia. Sydney, Melbourne, and Perth all ranked among the top cities that have been drawing in millionaires. According to the report, wealthy folks are moving to Australia from other countries like China, the United Kingdom, South Africa, and even the United States. Other big winners are Dubai, Tel Aviv, and Vancouver. In America, big winners were San Francisco and Seattle.

So who were the losers, then? The cities with the biggest outflow of millionaires, were Paris, Rome, Athens, and as the headline spoiled, Chicago. Chicago lost an estimated 3,000 millionaires last year, actually a larger flat number than Athens, which lost about 2,000 (though given Greece's overall situation, they've probably been bleeding millionaires for several years now). Chicago is the only American city the study identifies as losing millionaires. America as a whole gained 7,000 new millionaires last year through migration, second only to Australia in the study.  

In fact, according to this study, Chicago lost more millionaires than entire countries like Russia, Spain, and Brazil last year, but then again, just as with Athens, these countries have likely been seeing millionaires migrating out for some time.

As for the reasons why the flight from Chicago, the study gets a little vague. They interview wealthy people to put this report together, and they were told "rising racial tensions, rising crime levels" as major considerations. I would have loved to have seen a poll that had these millionaires rank their concerns so we could get a much fuller sense of what is happening. While it's true Chicago is seeing racial tensions and a jump in crime, the city and the state of Illinois are also seeing significant economic problems, massive debts, and tax issues, and it would have been helpful to see where that all fit into considerations. San Francisco and Seattle are not exactly metropolises with low tax rates, but clearly what they do offer the wealthy offsets the costs.

Chicago and Illinois aren't just bleeding its wealthiest citizens. As we recently noted, Illinois is one of the few states losing population as America grows. Note the Chicago emigration numbers from the census report: Chicago saw a net loss of 6,263 residents for the 12 months measured (encompassing parts of 2015 and 2016). If New World Wealth's report is accurate, that means about half of the people Chicago lost were millionaires. If New World Wealth is going by the region and not just the city, then we see a quarter of the people leaving as millionaires.

As the report notes, when a city or country is bleeding millionaires like this it should be taken as a major warning sign: "Millionaires are often the first people to leave. They have the means to leave, unlike middle class citizens." And those millionaires are the ones that public employees want to turn to fix their pension crisis and the state's massive economic problems. Thousands of them just said "no thanks."

Read the full New World Wealth report here

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  1. As the report notes, when a city or country is bleeding millionaires like this it should be taken as a major warning sign: “Millionaires are often the first people to leave. They have the means to leave, unlike middle class citizens.”

    Good thing we’re having all of these minimum wage increases. With all of these new millionaires, now everyone will be mobile!

  2. WE MUST STOP THE KULAKS AND HOARDERS FROM FLEEING!

    1. Don’t joke, that’ll be next. Some sort of “exit tax” or something.

      1. There already is.

        1. Jack Lew, Treasury Secretary, is working on it now that he stopped Pfizer and Allergan and other nasty corporations from tax inversions. Stopping individuals from leaving altogether is next on his agenda.

  3. And those millionaires are the ones that public employees want to turn to fix their pension crisis and the state’s massive economic problems. Thousands of them just said “no thanks.”

      1. But should the exit tax be 100%, or 200%?

        1. Just go through their luggage and confiscate all their valuables.

          Its a time-tested technique.

          1. Better check the teeth, too.

            1. You’re not supposed to do that until after you’ve killed them for their disloyalty.

        2. Whatever it takes to keep buying votes.

      2. If they don’t renounce citizenship, they still get to pay income tax.

        If they do, and have a net worth over $2 million, they get the exit tax.

        Not that I’ve looked into it or anything.

        1. Well that’s easy enough to get around. Of course I don’t have two million dollars. No you can’t see my bank balance in the Cayman Islands.

          1. Depends on where you hold your assets. Given FATCA and the rest, it’s not all that easy to get around it if the bulk of your net worth is held at financial institutions. At least not initially. Now, maybe you can start selling assets — and paying the capital gains tax — and offshore before you renounce, but that’s still not exactly cheap. Or just straight up try to hide the money, but I’d sure as hell limit my possible destinations to non-extradition countries if that was the plan.

            At this point, it looks like moving somewhere with as low a cost of living as feasible in order to reduce federal income tax, and getting dual citizenship is the way to go. I mean, if that were the sort of thing that interested me and I didn’t want to pay an expat tax.

      3. I saw a funny meme the other day showing a picture of a wall that said “When you’re trying to ‘merica and you accidentally East Berlin”

    1. I have got to get the fuck out of Cook County.

      1. I certainly wouldn’t want to live there 10 years from now.

        1. Or 10 days from now.

  4. As for the reasons why the flight from Chicago, the study gets a little vague.

    We have been over this – it is Nikki.

  5. Doesn’t Washington have no state income tax? Does Seattle have one at a local level?

    1. Sales tax. No idea.

      1. No income tax in Washington. No sales tax in Oregon.

        Cities with income taxes, per Teh Googles:

        Alabama: Birmingham levies an income tax of 1%

        Arkansas: Seven Arkansas school districts assess an income tax surcharge equal to 10% of state income tax before tax credits. They are: Berryville, Green Forest, Westside, Hope, Huntsville, Waldron, and Marshall.

        Colorado: Three cities impose flat taxes on compensation. Aurora charges $2 per month on compensation over $250, Denver charges $5.75 per month on compensation over $500, and Greenwood Village charges $4 per month on compensation over $250.

        1. District of Columbia: D.C. has a bracketed income tax system. The rates are 4% for the first $10,000 of income, 6% for $10,000 to $40,000 of income, and 8.5% for income over $40,000.

          Delaware: Wilmington has a flat 1.25% tax on income.

          Iowa: 666 school districts impose an income tax surcharge ranging from 1% to 20% of state income tax owed.

          Indiana: All 92 counties in Indiana have an individual income tax. Tax rates are in the process of being changed, and will be announced on the Indiana Department of Revenue’s website once they are finalized.

          Kentucky: Eight cities in kentucky levy income taxes on residents and non-residents. They are: Bowling Green (1.85%), Covington (2.5%), Florence (2%), Lexington-Fayette (2.25%), Louisville (2.20% for residents and 1.45% for non-residents), Owensboro (1.33%), Paducah (2%), and Richmond (2%). Lexington-Fayette Urban County Government and Louisville – Jefferson County also impose taxes on businesses.

          1. Maryland: All 24 Maryland counties levy income taxes on residents and non-residents. Tax rates range from 1.25% to 3.20%. Baltimore also has an income tax of 3.05%.

            Michigan: Several Michigan cities impose income taxes with rates ranging from 0.50% to 2.50%. Detroit’s income tax rate is 2.50% for residents and 1.25% for non-residents.

            Missouri: Both Kansas City and St. Louis have an income tax of 1%.

            New York: Yonkers and New York City both have individual income taxes. New York City’s income tax rates range from 2.907% to 3.648%. Yonker’s income tax rate is equal to 10% of your net (after credits) state income tax.

            1. Ohio: 235 cities and 331 villages in Ohio have an income tax, including Columbus, Toledo, Cincinnati, and Cleveland. Ohio law requires a flat rate that cannot exceed 1%, unless it is approved by the voters. Ohio local income tax rates range from 0.40% in Indian Hill to 3% in Parma Heights.

              Oregon: The Tri-Met Transit District (includes Portland) assesses an income tax of 0.6318% and the Lane County Transit District (includes Eugene) assesses an income tax of 0.60%. Multnomah County (Portland) also assesses a 1.45% business income tax.

              Pennsylvania: Most municipalities in Pennsylvania assess a tax on wages, known as the Earned Income Tax. This tax is usually split between the municipality and the local school district. The local Earned Income Tax is only assessed on earned income, like wages. Unearned income like interest and dividends are not taxed. Pennsylvania state law limits the Earned Income Tax to a maximum flat rate of 2%, but Home Rule cities like Philadelphia and Scranton are not subject to this maximum. Cities with tax rates above 2% include: Philadelphia (3.98%), Pittsburgh (3%), Reading (2.70%), Scranton (3.40%), and Wilkes-Barre (2.85%). Non-residents have to pay the Earned Income Tax as well, but are usually taxed at a lower rate. You can look up local tax rates on Pennsylvania state’s website. Local income taxes are also assessed on the net profits of businesses.

              1. My wife and I were the proud winners of the Louisville 2.2% off the top tax before we escaped to Tennessee. We paid more taxes in Louisville than we do on twice the income in Tennessee.

                1. Tennessee does have an income tax.

                  It is a 6% tax on dividend and interest income.

                  1. ‘Tennessee does have an income tax.

                    It is a 6% tax on dividend and interest income.’

                    Then it does have an income tax. It is just not on all income.

                    1. Sounds more like a capital gains tax.

    2. Seattle has no income tax. And Bill Gates lives in the suburbs, so even if they did, he couldn’t give a shit.

  6. Millionaires fleeing? In Chi-town that could just be retired public employees moving to Florida

    1. That, or the superlatively educated urban youth moving their companies to more conventional tech hotbeds.

    2. “Millionaires fleeing? In Chi-town that could just be retired public employees moving to Florida”

      If it’s just families with a net worth more than 1 million, it’s not a very good metric.

  7. They interview wealthy people to put this report together, and they were told “rising racial tensions, rising crime levels” as major considerations.

    Millionnaires really aren’t dealing with those things, though.

    1. You clearly haven’t been to the bullet riddled streets of the Gold Coast recently, Nicole. It’s a killing field down there.

      1. How are y’all defining “millionaire”? Net worth? It’s not as much as you seem to think, especially if you include real estate equity.

        1. “Millionaires” otherwise known as “high net worth individuals” or “HNWIs” refer to individuals with
          net assets of US$1 million or more excluding their primary residences.

          1. There are plenty of people, in Chicago and elsewhere, with a $1 million net worth who deal with racial tensions and rising crime.

            1. Violent crime in Chicago is extremely concentrated in areas where those people do not live, work, or play.

              1. Maybe they are looking to the future and want to get out before it spreads? As well as avoiding anticipated rising taxes to keep paying for all the government employees and their pensions.

              2. It’s like global warming, Nikki, eventually those tides of high crime are going to breach the seawalls and come flooding into the wealthier areas. Better to move inland before they do.

                1. I hear Des Moines is lovely this time of year. Stay out of Denver.

              3. That’s generally the case in urban areas. That doesn’t mean that “those people” don’t deal with those factors. And racial tensions aren’t geographically constrained.

                1. I don’t know what racial tensions they’re talking about. Most of these people are probably white (although I know a bunch of black millionaires have been leaving the city too) and it’s not like rich white people are somehow having to deal with extreme racial tension in this city.

                  I live here and haven’t experienced any serious racial tension and I’m sure I live a less privileged life than the people being discussed in this case.

                  1. What Irish said.

                    1. Millionnaires really aren’t dealing with those things, though.

                      True, but people don’t have to actually be affected by violence, racial tension, or what have you in order to have the perception that those things are a serious, scary threat to them. Thus the whole business model of both 24/7 media outlets and party machinery: scared people will sit through commercials to learn about threats, and then go vote for whoever promises to Do Something About That.

                    2. Sure. And it could be that they really do perceive that. My own experience is a lot more like Irish’s.

                    3. My own experience is a lot more like Irish’s.

                      What, being hella racist?

                      For serious, though, neither you nor Irish strikes me as being the kind of person who’d be susceptible to that kind of fearmongery anyway.

                    4. “Send ’em all back to Africa”?

                  2. Interesting. I remember Buffalo having really bad racial tensions and because they are similar in some ways I always imagined Chicago as just a much bigger Buffalo.

                    1. I remember Rahm Emanuel’s son getting mugged at the end of the block the week of Xmas.

                      I didn’t take it as anything but an humorous, ironic one-off anecdote but I could see how someone might read things in the tea leaves.

                      I’ve certainly heard from PR and similar people about having to fend off the BLM movement from situations that weren’t exactly high-profile or race related. It made me glad they had their job and not me.

              4. Just because it is worse and concentrated in some areas doesn’t mean the “good” areas aren’t still bad. People are murdered in boystown and lincoln park, too.

                1. In the last 365 there have been 0 homicides in Lincoln Park.

                  As for Boystown, I don’t know how many murders they have, but I’ve never felt unsafe down there.

                  1. Maybe that just means that YOU’RE THE MURDERER.

                    1. Maybe they don’t want to pay for the “racial tensions” of Chicago police murdering people constantly. Are they still paying out 1M per day on average in police brutality and unlawful killing settlements?

                  2. Not from being shot anyways. Staying out of Hydrate helps out with the fear of grabbed by the 6’2″ “women” that have hollered my way.

                  3. “Boystown” probably isn’t what I think it is, is it.

                    1. “”Boystown” probably isn’t what I think it is, is it.”

                      If you think it’s a super gay neighborhood where all the gays go for their gaytastic affairs, then that’s exactly what it is.

                      It’s got a lot of good bars and restaurants for the straights too, though.

                    2. Boystown is the gayborhood.

                  4. Of the 77 neighborhoods in Chicago, “boystown” is not one of them, nor is “wrigleyville”. They are both part of Lakeview.
                    On 30 May 2015, 25yr old Kevin O’Malley was gunned down in that general area known as “boystown”…

              5. Violent crime in Chicago is extremely concentrated in areas where those people do not live, work, or play amongst people who are violent and spread throughout the city.

                FTFY

                1. Yeah, the problem is not spread throughout the city.

                  According to the Tribune, 255 homicide victims were black, 58 were Hispanic, and 12 were white between January and September of 2015.

                  Inner city black neighborhoods are extremely violent in this city. Other neighborhoods are not.

                  Also, look at the map and it’s pretty obvious the Southwest side of Chicago is where most of the violence takes place.

                  1. Friend of mine went to University of Chicago. He told me about the time he and a bunch of friends took a walk over to the S side of Chicago thinking there would be safety in numbers. They all got mugged… at the same time…

                    1. Must have been a short walk. U of C is ON the South Side.
                      Calling bullshit here….

              6. Yeah, but they still have to see it on the news.

      2. I mean, tbh, I’ve been hearing about some pretty surprising shootings right off the drive on the Near North Side, to the point that I did question, running through the park at Fullerton on Sunday, “hmm…”

        But still.

        1. Canary in the coal mine. You want to get out while it hasn’t become too widespread, and preserve the value of your real estate when you sell.

          1. and preserve the value of your real estate when you sell.

            This seems likely. You may or may not be concerned about race and crime, but if you think it has the possibility of becoming worse (or perceived to be worse) you might want to git while the gitten’s good, to preserve your assets. Especially if you are wealthy and moving isn’t a huge financial burden.

    2. That was my thought. They probably didn’t want to say “the city steals my money” and be labeled greedy.

    3. I’m guessing that’s “a fear of” not necessarily “experience with”, just as visitors to the beach vastly over-estimate the chances of a shark attack or air passengers the chances of a crash or some certain people the chances of having your head chopped off by a Muslim immigrant or your dog raped by a Mexican.

  8. The deep dish diaspora begins!

    1. God, I hope that shit doesn’t spread.

      1. Lou Malnati’s is coming for you.

        1. Is he one of those tomato casserole guys?

  9. Don’t worry though, Chicago teachers are striking to keep their pensions at the current rates, which is totally sustainable in a state where pensions are 50% unfunded and all the people with money are leaving.

    1. Are they carrying signs saying “Others should work harder to give us more of their earnings”? That would at least be honest.

  10. The big winner is Australia.

    Interesting – I wonder why. If I left the US, Australia is one place I’ve considered but not exactly for economic reasons. For starters I’ve heard it’s as expensive as shit.

    1. Australia has a high minimum wage, and the cost of living is ridiculously high. Of course, there’s no correlation between those two facts.

    2. Australians are hot.

      1. Well, it is 85% desert.

        1. Australians are sexy.

            1. Quit following Warty around on his days off, Rich.

            2. He sucks a mean dick.

    3. Australia has always seemed like a cool place to live, except for all the venomous creepy-crawlies.

      1. I would probably be in Melbourne so hopefully it’s too urban and/or not deserty enough for that.

      2. Creepy crawlies, murderous marsupials, killer crocodiles, deadly platypi, all surrounded by a giant ring of box jellyfish and great whites. Yeah, great place to live.

      1. I’ve heard that that the creepy crawlys in Australia aren’t too bad once you get used to them. I’ve considered it but the the cost of video games are ridiculous.

        Now Texas, that’s a place you don’t want to move to. Rattlers and cotton mouths every three feet, and we dip our pizza in ranch dressing. Oh yeah, we actually have brown recluses, they’re not exactly lethal, but they can cause necrotizing flesh. So stay the fuck out of Texas, it’s practically an abattoir.

        1. I’ve heard that that the creepy crawlys in Australia aren’t too bad once you get used to them.

          Floridians say this. The humidity and spiders as big as your hand with a human fucking skull… just give it time. Psssh, those things? You won’t even notice.

          Lies.

          1. I had a roommate walk out the door to face a rattlesnake on our front porch. His reaction was to just drop a cardboard box on it, then call animal control. Then he told everybody not to mess with the cardboard box on our front porch. Humans: 1 snakes: 0

        2. 21 of the 25 most venomous snake species live in Australia.

          1. Again, carboard boxes trump snakes.

  11. If I had a million dollars, we’ll, I’d buy you a house. And if I had a million dollars I’d buy you furniture for your house, maybe a nice Chesterfield or an ottoman.

    1. But not a green dress.

      1. That’s cruel.

      2. I’d buy you a fur coat, but not a real fur coat, that’s cruel. I’d buy you an exotic pet, like a llama or an emu.

        1. +1 Bare Naked Lady

          1. …are men.

            1. I will never in my life be able to think of that band without remembering that the lead singer was once arrested in an apartment near Syracuse while doing cocaine with my wife’s gay co-worker’s baby momma.

              1. He’s Canadian. He probably mistook the cocaine for maple sugar, or snow.

                1. “Thiis mountain is pure snow, do you have any idea what the street value of this mountain is?”

                  1. do you have any idea what the street value of this mountain is?

                    In Canadian money, or real money?

                    1. In real money, I think it’s worth about two dollars.

                    2. Seriously, nobody else as has seen Better off Dead?

                    3. +1 incessant paperboy

              2. He’s a rockstar, getting busted for snorting cocaine off a strippers ass is kind of expected.

              3. gay co-worker’s baby momma.

                Sure about the gay thing? There seems to be some contradictory evidence…

                1. Have you ever heard of the term “beard” as applied to gay men?

  12. Australia is not exactly rights-friendly. That’s not where I’d go.

    1. Australia is the perfect place to go in case of SHTF. That’s where I’m going. Yes, sir, when they come looking for me they should go to Australia because that’s definitely where I’ll be. Don’t waste your time looking in any other place because I won’t be there. I’ll be in Australia. Just keep looking in Australia until you find me because that’s where I’ll be. Australia.

  13. Australia has a high minimum wage, and the cost of living is ridiculously high.

    But a Big Mac costs the same as Chicago!

    *I have seen this comparison as a “proof” the $15 minimum wage won’t cause prices to rise.

    1. Progressives also conveniently leave out that Australia has very few low skill workers because they take illegal immigrants and stick them on island prisons. They therefore don’t have many workers who are so low skilled they wouldn’t be able to command a decent wage without that high minimum wage.

      Imagine how much lower America’s poverty rate would be if we’d taken all the poor Mexican immigrants and stuck them in off-shore concentration camps. Unless leftists are planning to go that route, I don’t think they can compare our situations regarding low skill workers.

      1. take illegal immigrants and stick them on island prisons

        Where can I read more about this?

          1. “It’s not a crime to want to have a better life and future,” said one 18-year-old girl

            Right, because the Australian government stole her from her quaint Indonesian village in the middle of the night because they got word that she wanted a “better life and future”.

            1. I just want to go to Australia.

            2. I guess what she meant was “It shouldn’t be a crime to seek out a better life and future”.

              They did steal her off of a boat and put her in prison on some god-forsaken island, though.

              I don’t know whether entering Australian teritorial waters is a crime under Australian law or not. But in any case, the punishment seems a bit harsh.

              1. I guess what she meant was “It shouldn’t be a crime to seek out a better life and future”.

                The point stands. What she really meant was “It shouldn’t be a crime to immigrate to a country in a way that violates that country’s laws.” Since it’s absolutely not the case that “seeking a better life” is illegal.

                They did steal her off of a boat and put her in prison on some god-forsaken island, though.

                I don’t know whether entering Australian teritorial waters is a crime under Australian law or not. But in any case, the punishment seems a bit harsh.

                The punishment is a bit harsh, but then again it’s probably more problematic to figure out whether a person deserves asylum after you’ve deported them back to the country of origin. Or maybe, just maybe, she should immigrate to a place by the same legal means that you or I would be expected to.

          2. If only there existed an alternative to onerous taxes paying for stifling welfare programs and having to keep out the riffraff.

      2. They also don’t have a problem with mass migration of would-be welfare dependents. A low skilled worker can immigrate to Australia, just not so much on a rickety boat with their extended family. The result is fewer people make the attempt to immigrate illegally in the first place. This is the antithesis of Merkel basically advertising to the Muslim world that if they move to Europe, they’ll get subsidized by European taxpayers.

        1. It’s just a shame that no one is willing to try what seems to me the obvious alternative. Less restrictive immigration and no subsidies or welfare for immigrants.

      3. I thought they took native kids and stuck them on island prisons?

        1. Isn’t Australia an “island prison”?

          /forcibly transported by Her Majesty’s government

          1. Twas

      4. I thought Australia itself was an island prison.

        1. And a hell of a beautiful prison! I can only hope I’m sentenced to a similar locale next year…

  14. San Francisco and Seattle are not exactly metropolises with low tax rates, but clearly what they do offer the wealthy offsets the costs.

    Citation needed.

    1. Wealthy people are moving there.

      1. They don’t know what they want.

        1. But they know how to get it…

    2. They’re gaining millionaires.

      1. Thanks for the tautology.

        1. Hugh’s response wasn’t there when I wrote mine 😛

    3. I’m not wealthy, but I’d consider moving to either if I had a job that would pay enough. They are both beautiful and fun places. Not unlike Australia.

      1. The “pay enough” part is the trick. I think my salary would need to at least triple to maintain a similar lifestyle.

    4. @Hugh & Rhywun:

      Those *inscrutable* millionaires!

      1. China’s beating us. We need to be winning against China to make America great again.

  15. Probably just tired of eating deep dish pizza.

    1. How could one get tired of awesome?

      1. How could one get tired of awesome?

        True. There’s considerable debate about whether the combo sandwich was invented to assist those suffering from ‘deep dish fatigue’ or whether it was the other way around. In either case, the city provides sufficient amounts and varieties of awesomeness to prevent fatigue from any one particular type.

        1. Mmmmm deep dish and a combo!!

  16. Chicago is finally doing something about the income inequality problem.

  17. Millionaires fleeing Chicago just as the Cubs season begins. Must be some kinda coincidence.

  18. FUCKITY FUCK FUCK FUCK.

    US corporations cheating on their taxes by the illegal tactic of doing business in other countries and then not bringing the money to the US where it can be properly taxed by Uncle Sam.

  19. This can’t be true, these cities have many wonderful vibrant immigrants.

    Why would the rich flee them?

    1. Shut the fuck up Lonewacko

      1. It’s always those damn filthy immigrants.

      2. Should we ask politician this one questions, and film their answer!!!!!!!!

  20. Getting out before Obama moves back?

    1. Why on earth would he move back to that shithole? I am betting on Hawaii.

      1. Shithole…. from a southerner? That’s funny.

  21. what they do offer the wealthy offsets the costs.

    See, also: Manhattan, New York City.

    With enough money, you merely glide past all the squalid peasantry, who affect you little more than the bug splats on the windscreen of your chauffeured limousine.

    1. What about your retainer of household orphans? Their squalid peasant status is what makes their weak constitutions and small grubby hands worth the hassle.

      1. Urban urchin or bucolic orphan?

        Poe-tay-toe Poe-tah-toe

  22. Anyone catch Obama’s pronouncement on Monday that dismissing prospective tenants on the basis of criminal history is discriminatory unless landlords can show it’s necessary to protect other tenants? Landlords may run should of the Fair Housing Act due to disparate impact.

    1. The kicker? The only offense that won’t be questioned by HUD is distribution.

      1. I am confused. The tone indicates this is wrongbad?

  23. RE: ? Millionaires Are Fleeing Paris, Athens, and ? Chicago

    What?
    Millionaire leaving these wonderful bastions of socialism?
    What’s wrong with these rich fools?
    Don’t they know that bureaucrats, lawyers, politicians and their cronies know so much more about raising capital than these wealthy people?
    The Soviet Union has proven that time and again.

    1. Soviet Union? What is it 1989?

  24. Just out of curiosity, what’s a good non-extraditing country? I know you can kill a cop and chill in Cuba, but I would rather not hang out in a commie country.

  25. When my old man retired, he stayed here in state, but moved to a rinky-dink town near Lake Michigan.. Well more like he moved a few miles from the nearest town (that has one bar). Property taxes are silly low there… as are the prices for land and housing. Of course no one wants to live there except old people and farmers. And millionaires, which there are plenty of. I’ve run into ex-CEOs, an ex-baseball player, and any number of UAW retirees in that area.

    Most of the the young people get out of that area quick as jobs are scarce. Lots of people living on welfare but making money under the table.

  26. It’s not really that difficult to figure out. If you’re a millionaire, why would you want to live in Chicago. Your government treats you as a cash machine to be raided and treats providing services for that money as a bother. Much the same could be said of New York. The only difference is that NYC has a golden collar around many of its millionaire residents. They’re millionaires because they live in New York. They have very specialized jobs and businesses that pay a lot. Really, the same applies to the Seattle and San Francisco tech centers. Without those industries each of those cities would likely look a lot more like Chicago.

    1. Before Microsoft and Amazon, Seattle had a billboard asking the last person to leave to please shut off the lights. Being subject to the fortunes of Boeing and Weyehauser meant the economy resembled Metro Detroit – great during boom times and horrible during economic slowdowns. The Tech industry brought in a ton of educated people that land on their feet even when things go sideways.

      Of course, as I always remind people, Amazon could move tomorrow to Nebraska. They aren’t dependent on having access to major river systems, iron ore, timber, or ports like some companies.

  27. The reason that people are fleeing Paris, Athens, Malmo, and many more cities — including Chicago — is because of the invasion of third world immigrants. Third worlders perpetrate large amounts of crime, they create no go zones, they restrict the public spaces into which Frenchmen, Greeks, Swedes, et alia can move. And we can add to this assorted car burnings, looting and sexual slavery rings.

    Look up the sexual assaults which occurred in Cologne this last New Years. Or the sorry situation in Rotherham.

    I suppose there is some irony in that some of those millionaires thought they were going to save money by hiring cheap labor. And others were altruists who believed their cities would be enriched by diversity.

    But you import third worlders into a city and –lo and behold — you end up with third world cities. Of course, the millionaires can get out. What about the rest of the citizenry?

  28. Chuckie Schumer snd his bitch tits are going to propose a 90% exit tax on net assets.

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