Signs Of The Time, Part 98

“Well, if they’re in Illinois today, they’re probably so much in love with Illinois that they’re not going to leave”

-Illinois Speaker of the House Michael Madigan, on whether a proposed tax hike on millionaires might drive them from the state, Chicago Tribune website, March 21, 2014

According to a report last month from the Johannesburg, South Africa-based research firm New World Wealth, about 3,000 individuals with net assets of $1 million or more, not including their primary residence, moved out of Chicago in 2015. From the March 2016 report entitled “Millionaire migration in 2015”:

The following cities had the biggest net outflows of millionaires in 2015

Country/Outflow of millionaires in 2015/Millionaires, 2015/% lost

1. Paris, 7 000, 126 000, 6%
2. Rome, 5 000, 73 100, 7%
3. Chicago, 3 000, 134 000, 2%

Destinations:

• Paris: most moved to the UK, USA, Canada, Australia and Israel.
• Rome: most moved to the UK and USA.
Chicago: most moved to other parts of USA (internal migration)

Why did they leave?

We interviewed migration experts and HNWIs to find out on their reasons for leaving. Notable reasons that they mentioned included:

• Paris: Rising religious tensions, lack of opportunities.
• Rome: Economic slump, lack of opportunities.
Chicago: Rising racial tensions, rising crime levels

(Editor’s note: Bold added for emphasis)

Shocking, right?

The entire report can be view on the New World Wealth website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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2 Comments to Signs Of The Time, Part 98

  1. In my opinion this practice of tax collection on the wealthy spent in France, and not to anything good it has not led, it will be a big mistake to scare off big business from their state

  2. larisa on April 10th, 2016
  3. Thanks for the comment larisa.

    It will be a big mistake to scare off big business from their state

    Yet somehow, there’s no shortage of politicians the world over who believe the rich will just stay put and begrudgingly accept a “millionaire tax.” If it’s draconian enough, then such thinking is delusional. Of all people, I would suspect this group (barring exceptions) has the motivation and financial means to pick up and leave to “greener pastures”- where their money is treated better.

  4. Editor on April 18th, 2016
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