By: Mark Glennon*

 

A recent report by New World Wealth identifies which cities and countries had the largest net inflow and outflow of millionaires in 2015. Chicago had the third largest net outflow based on the raw numbers — 3,000, and fourth by percentage — 2%.  The full report is linked here.The other top cities for outflows, according to the report are in the chart below.

 

millionare migration

 

According to IBTimes, “the report was based on data collected from investor visa programme statistics of each country; annual interviews with around 800 global high net worth individuals and with intermediaries like migration experts, second citizenship platforms, wealth managers and property agents; data from property registers and property sales statistics in each country; and by tracking millionaire movements in the media.”

 

Meanwhile, Chicago schools are closed today due to a strike by the Chicago Teachers Union. Among their demands is imposition of a new, special tax on millionaires.

 

*Mark Glennon is founder of WirePoints. Opinions expressed are his own.

UPDATED to correct error in original that transposed outflow number with number in the city.

 

 

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Steve-Oh

This number 3,000 is probably way too small. How many govt ees and their spouses under age 70, receiving a govt pension of total husb/wife of $75,000 or more, moved out of the state ?? Exactly — unknown and they weren’t figured as millionaires — but they ARE net worth M/aires.

bob oriole park

Here’s a good article on one of the untended consequences resulting from “tax the rich, let them pay their fair share.” http://www.dailymail.co.uk/news/article-3533539/How-one-man-moving-Florida-cause-devastating-140MILLION-tax-hole-New-Jersey-Hedge-fund-billionaire-causes-budget-deficit-crisis.html

Steve-oh

Bob THX, great link!!

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