Illinois Continues to Lose Population as High Income Earners Leave the State

The Illinois Policy Institute continues to produce a lot of great research and analysis. If Illinois Republicans and conservatives knew how to fight the information war, more of our fellow citizens here in the Prairie State would understand and do something to fix the problems driving money and talent to other states.

Here is IPI’s Michael Lucci:

Chicago lost more millionaires than Russia in 2015, according to new research on the migration of high-net-worth individuals. The Windy City is the only American city to register a significant outflow of millionaires in 2015, topping the losses of economically and socially distressed nations such as Russia, Spain and Brazil – and tying Greece. And while Chicago has more high-net-worth individuals than Russia and Spain, the percentage of the city’s out-migrating millionaires – 2 percent – still matched that of those countries, and even surpassed Brazil’s loss of 1 percent.

The report from global wealth data analysts at New World Wealth highlights the role of millionaires in the 2015 Chicago exodus. It estimates Chicago lost 3,000 of its 134,000 millionaires in 2015. That puts Chicago in the top four global cities in terms of the loss of millionaires, along with Paris, Rome and Athens.

The trend of big money leaving the Chicago area is nothing new. Using Cook County’s Internal Revenue Service migration records as a general indicator, the majority of people who leave the county also leave the state. Furthermore, the portion of Cook County’s income that left Illinois on net was larger than the portion of Cook County’s people who left the state on net, indicating that higher-income earners in Chicago might be more likely to leave the state than to move to other areas within Illinois.

Furthermore, state-level IRS data reveal the movement of high-income earners moving in and out of Illinois. In 2013, the most recent year of data available, more than 22,500 tax filers with an adjusted gross income, or AGI, of greater than $100,000 left the state. Meanwhile, only 12,800 with an AGI greater than $100,000 entered the state. The average AGI of those who left was a little over $271,000 compared with an average AGI of $236,000 for those who entered.

Read more: Illinois Policy Institute

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