Millionaires are leaving Chicago, report says

a reply to: onequestion

This needs context. I've had 10 family members in the last 5 years leave Chicago upon retirement with more than $1M net worth after primary residence, for various reasons. Those reasons are:

•Retiring to a warmer climate
•Moving to suburbs to be closer to children & grandchildren, no more need to live close to work
•Moving permanently to their lake house in WI
•Moving to the country for peace & quiet, open space & low property taxes.

None of them moved because of violence. I would guess the only high net worth individuals who would move for that reason are irrational, hysterical paranoids, as the chances of encountering violence where the wealthy live, work and play are extremely low. It's weird to me that people don't understand that, since even news reports make it clear the violence is almost entirely concentrated in 5 South and West Side districts.

I can't imagine why anyone would leave Chicago because of IL's fiscal problems (which many wrongly blame on Democrats - Republicans and Democrats worked together for decades to run up enormous debt in Illinois.)

The main point though, is there is no context to this. How many of these people are leaving because they're retiring and had reasons/plans to leave having nothing to do with the government's finances or far-removed violent neighborhoods which have no effect on them anyway? Are the numbers significantly higher than they were 10 years ago? Are they significantly different than other cities? Just a number alone with no perspective is meaningless. It's not even a "Net" number. How many $1M+ individuals moved IN?

I don't live in the city, I'm in the suburbs, but by the time I retire, I'll be well over $1M (in today's dollars), and we'll be moving out onto our land in "BuFu" promptly. It has nothing to do with anything besides us wanting to retire on a big piece of forested land, as I suspect is the case with many of these 0.1%ers (that's the portion of the city's population the 3,000 represent.)

originally posted by: MALBOSIA
I am sure Chicago is a great place to earn some wealth but once you have some money and passive income I personally would rather be in Seattle or San Francisco (Seattle probably more for me) which is getting a high influx of millionairs.

Of course I am not an American so I am only basing that off of terms like "windy city" and well... the west coast. I am on the west coast and what some call the humble abode of Cascadia. Never going to leave, shotty economy or otherwise.

Lol, so, I lived in Chicago for 30 years and once I was comfortable enough (while being fed up with Chicago crime) I decided to move to Seattle this past year... Best decision ever! And, yes, you are spot on!

It isn't the violence it is the taxes and frankly if you HAVE money you are going to be leaving places like California, Illinois and any other state with a high tax rate because you can afford to move. This is why the 'tax the rich' mantra is so insane. It will never be the rich people getting taxed because they can afford all of the lawyers and moving expenses.

The OP decided to take a cheap shot at Detroit by saying Chicago is turning in to it. Chicago is far WORSE than Detroit. Higher crime rate, Higher taxes, just as incompetent leadership, and whereas Detroit is rebuilding and recovering Chicago is dying. Not a good comparison. I think people need to actually visit Detroit before making blanket statements about it.

a reply to: jhn7537

It seems we have a few conflicting perspectives here.

originally posted by: MOMof3
a reply to: xuenchen
Like making people pay for water that is poisoning their children, then lie? That good republican policy. Constructing 288 laws against women, that good republican policy?

Apparently You don't know what You are talking about. I do believe government is 100% to blame for all their problems but some of those problems like the water can be blamed on the people too. If You were informed You would have known that Flint Michigan has been in the news for years about people not paying their water bills. Well apparently these people broke the banks when enough LOOOOOOOOOOOOOOOOOOOOSERS decided they should have free water. These idiots even went to the UN proclaiming they had the right to free water. Some of these people had water bills that were late for years and the bills totaled 700+ dollars. I don't know about You but My water bill is the cheapest Bill I have at probably 30 dollars a month and I don't have the largest source of freshwater in the USA on My coastline. Oh I got side tracked. The whole reason the city switched to getting their water from the river is because they were out of money due to mismanagement of funds and idiots not paying their bills.

In My city a lot of people are hurting because the primary middle class employer is the oil field. My state is currently going through a budget crisis and it pisses Me off that their only solution is to raise taxes. The thing that pisses Me off is I work in the private sector and have lost My job and had to go contract labor. I didn't get to enjoy those oh so nice social programs because I have a family to support. I've had to tighten My belt just like thousands of other people in My city due to less working hours and loss of jobs. Now You would think the state would trim the fat with employees and retirement but they won't one bit. I'm tired of retired government workers not having to take a sacrifice just like everyone else when the economy gets worse. These jerks don't take a pay cut and really irks Me when I'm suffering the to lack or work then the tax guy comes around and doubles My property taxes because I built a shed.

originally posted by: onequestion
a reply to: jhn7537

It seems we have a few conflicting perspectives here.

Please explain... I still love Chicago for so many reasons, like the food, diversity, memories I've built, etc., but what I began to loathe in the city/state was a combination of, weather, crime, city/state politics, taxes, etc., so I figured it was time for a change and so I decided to make the move... What worries me about Chicago is that they just had a VERY warm/mild winter, and the product of that warmer than usual weather was murders/shootings blowing all records away. Now, we are about to lead into an expected warm/hot spring/summer, which I'm sure will bring crazy shooting totals this year. Just wait for a 4th of July weekend, you will see 60-100 shootings in a weekend...

originally posted by: MOMof3
a reply to: Edumakated

But, you said democrats were responsible for the bad management and destruction of Chicago. I don't think millionaires are dumb enough to invest in property and a life that will be destroyed by democrat policies.

Even the working class are leaving Chicago and Illinois, to the tune of 1,300 a month since 2014. Sales taxes of 11.5%, thousands of automated speeding, traffic signal, school zone tickets are mailed out every day. It costs $95 annually for the city sticker for your car windshield and $102 annually for the license plate tags. Over half the highways in the Chicago region are toll roads that ping your transponder for 75 cents every 5 miles. The state still doesn't have a budget. Property taxes and electricity are the highest in the nation. If you win more than $600 in the lottery, too bad. The state quit paying last Summer. Oh...and someone is shot in Chicago every 2.8 hours.

a reply to: onequestion

Well, this just confirms a trend I've been observing in my area. We live "Beyond Remote"; we're at the end of the last road, situated comfortably between nothing and nowhere.

Notwithstanding that, "Big Bucks" are moving in by the droves; buy up 2,000 to 5,000 acre ranches. Then they install airfields and fly in for the weekends, or more and many are taking up permanent residence out here. Its the weirdest site in the world to see Lamborghini's and Ferrari's lined up at the local "Last Stop for 100 miles" gas station for gas and refreshments. Actually saw a Bentley a couple of months ago. Most locals drive beater Pick-up-Trucks.

All in all, I don't think this is a very good sign for the future. The air traffic out here is getting really annoying.

I've lived my whole life as a farmer 90 miles outside Chicago. Yes, the city has been presided over by Democrats for the last 80+ years. But imo the problem is pervasive, systemic, and seemingly perpetual corruption at every level of government and public business. And as goes Chicago, so goes the formerly great state of Illinois.

The corruption is just as bad as it was in Capone's day, if not worse. Check out the 'Parking Meter Deal'- former mayor Daley somehow got all the City Aldermen to sign off on a 99-yr lease of the parking meters in the city, simultaneously screwing the people, business owners, and bilking the city itself out of that revenue. And now, half a decade after he left office and is already collecting a nauseatingly enormous pension, he's employed by that very company, no doubt a no-show job with a huge salary. That's clear bribery, and massive fraud against the very people who repeatedly elected him. Pay-for-play is the Chicago way!

Also, remember the recent revelation of those 'Black Sites' used by both the Chicago PD and the CIA? Yeah, that city is doomed. It stinks to watch crime skyrocketing as citizens and businesses leave in ever-increasing numbers. I would love to do the same thing- even out where I live, far from the failed city, taxes and rural zoning restrictions have become totally unreasonable. But I work a fourth-gen family farm- inherited the land, so we have very deep
roots here.

And the voters around the rest of the state have gotten so fed up, they elected a Republican candidate running on a platform of reform and fiscal conservativism. But the old guard of the status quo- Illinois speaker Michael Madigan and Senate president Cullerton (both of whom happen to be democrats)- have decided to do absolutely nothing. Don't allow a budget to pass, bring everything to a grinding halt. Punish the citizens soo incredibly bad, we won't ever again think of electing another Republican or reformer.

If you say the voters have brought it on themselves, I can't really argue. But as to whether it's a problem caused by the left or the right, I say NEITHER. They're both a part of the same evil, two-headed snake.

EDIT:

Here's a really excellent article that goes into detail about just how pervasive and all-encompassing the corruption has become, and how the state's politicians have mastered the art of saying the right thing in front of the cameras, while doing the exact opposite.

And here's a story about billionaire heiress and longstanding Chicago figurehead Penny Pritzker, who is now president Obama's appointee to Secretary of Commerce. She's also one of the biggest offenders (and biggest financial winners) in the market collapse, and actually pioneered the use of deceptive and predatory loan tactics, and helped to lay the foundation years ahead of the 2008 meltdown. Ladies and gentlemen, your Secretary of Commerce.

Corruption is Super-Sized in the USA.

a reply to: M4nWithNoN4me

It's disgusting.

It's just the macrocosm of our culture at large.

That's how it is as every job in the country in every state in the country.

Everywhere.

I have lived in, or around, Chicago the majority of my life. I have watched it decline over the years and it is heartbreaking.

And yes, it is the democrats who are responsible. They will do anything to stay in power. Dead people vote 100% democrat. And the problem isn't so much the state, its Chicago. There is no more corrupt government than this one. The same one that brought you obama. Every time the people get fed up with the democrats and want to change things the voting districts get re-mapped to ensure a democrat win. Take a look at the district maps and you will see what I mean.

Good people have been leaving the area for many years now. I recently drove through the neighborhood I grew up in. It looked like hell. I didn't feel safe driving down the same streets I used to play on as a child until the street lights came on signaling it was time to go inside. I almost cried when I saw my old house.

As for me, we have been discussing leaving the area for a few years now. We aren't sure where we are going but one thing we are sure about is we won't be staying in Illinois.

a reply to: Vroomfondel

What have the "good people" of Chicago been doing? How do these criminals get into office except for apathetic voters. Just sucking everything good about the city then desert.

originally posted by: MOMof3
a reply to: Vroomfondel

What have the "good people" of Chicago been doing? How do these criminals get into office except for apathetic voters. Just sucking everything good about the city then desert.

Not even close. Its the democrats who are sucking the city dry first of all. Second the "good people" have been trying to get the criminals out of office for a long time. Perhaps you have noticed the inordinate number of Chicago politicians who end up in prison? Every time we get rid of one the Chicago machine puts another one in his place. I don't think there has been a single election in the last fifty years in Chicago that wasn't rigged. Remember, this is the city that brought the idea of selling a senate seat to the highest bidder to national attention. And you can still ask how they get in to office???

I knew you would be the one to respond to my post and I knew the context before you typed it. Don't you get tired of banging that drum?

Chicago is a cess poll now and its not because of the good and decent people who like to call it home. Its because of criminal opportunists and thugs who take advantage of a voter base who depend on hand outs to survive.

a reply to: Vroomfondel

Indeed, but criminals need money, backing, and elections just like the good citizens. Where does it come from, other criminals? I guess the the only good citizens are republicans who don't vote.

a reply to: Vroomfondel

"I knew you would be the one to respond to my post and I knew the context before you typed it. Don't you get tired of banging that drum?"

You don't have to bait me. I can take a direct point or question.

a reply to: carewemust

Well, it needs a lot of fixing, so does St Louis, so do a lot of american cities. Let's give them more guns and leave. Whoopee congratulations to the Bushes, we have become Saudi Arabia and the ME.

a reply to: jkm1864

Well, geez let's poison kids for non payment of bills. Good old republicans, its all right to kill when they say so.