Millionaires Fleeing Chicago

Three thousand millionaires have fled the city in 2017.

The State of Illinois is facing serious financial hardship. Here’s more from Sputnik News:

The city of Chicago lost over 3,000 millionaires earlier this year, and net capital and general population outflows have resulted in both job and workforce declines, putting Illinois at risk of seeing a further contraction in its state tax base.

In July alone, Illinois businesses announced 1,482 mass layoffs; 816 of them are in the manufacturing sector.

Additionally, property tax increases have outpaced wage growth in Illinois, rendering mortgages an even less desirable product, indirectly hampering commercial home lendign activity in the state. Between 2000 and 2015, the Illinois property tax burden increased by 50 percent, while disposable earnings rose by 31 percent.

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