With more taxes being added to an already high cost of living, millionaires are leaving Chicago. As many as 3,000 millionaires have left the city over the past year alone. This trend shows no sign of slowing down.
Mass Money Exodus
The Chicago Tribune reports that roughly 3,000 millionaires have left the city over the past year alone. This amounts to about 2 percent of their wealthy population.
This is the largest exodus of wealthy people in the United States, and one of the largest in the world. Paris and Rome are the only cities that lost more millionaires than Chicago in the same time period.
According to research, many of these elites are relocating to other cities in the United States such as Seattle and San Francisco, which saw a net inflow of millionaires over the past year.
High taxes are partially to blame. An overall high cost of living is causing many wealthy residents of high-tax state to seek a better deal elsewhere.
Download the City Vs City cost of living calculator to see if you should be one of those millionaires fleeing Chicago, and whether Seattle or San Francisco will actually be a wise financial decision.