Straight From The Windy City
If you frequently check in on our blog, you’ve likely read about some of the conversations that we have with our clients. We like to find out the motivations behind a move in an effort to tailor our services to our clients’ situations. We’ve heard just about every reason you could think of as to why people relocate their estates. Most of us have heard, at one point or another, about a region-wide issue that might cause many people to consider leaving an area. (The city water crisis in Flint, MI comes to mind.) Consequently, when there is a mass-migration of people from a certain area, there’s usually a relatively obvious reason. According to data released by the U.S. Census Bureau, 2015 saw Chicago lose more people to other parts of the country than it gained from other parts of the world. (Right around 80,000 people left Chicago for other parts of the United States between July 2014 and July 2015.) Many of those who left said that crime and rising racial tensions were reasons for leaving, but could that be the reason for the majority of the people who have chosen to move on? Of the roughly 80,000 people who left The Windy City, approximately 3,000 had a net worth of $1 million or more. Third only to Paris and Rome, Chicago lost a significant amount of net worth when those folks chose to move. While there are still many ultra-high net worth individuals and families in the greater Chicagoland area, (see the ) the numbers of big-wealth families are lower than now they have been in the last decade. A decent number of the folks who’ve left Chicago migrated their estates south to areas in Florida. Just as most cities welcome an influx of higher net worth residents, Naples does as well. We’re quite fortunate to have many charitable, philanthropic residents in our wonderful little town. Let me assure that you that if you’re in Chicago (or anywhere else for that matter) and you’re considering relocating, we’ve got room for you too.
Posted by Jim Henderson