Ken Griffin too his business, the hedge fund Citadel, out of Chicago to Florida and this represented a trend that has been occurring, many wealthy are saying goodbye New IRS data found for example that more than 100,000 people left Illinois and they took some billion dollars nearly double its 2019 and an in New York, some nearly 25 billion dollars has left the state and California loss 29 billion dollars.
That people migrating from these states are taking not just money but their expertise leaves with them. Those coming into these blue states earn $35,000 less than those they are replacing and in Florida, those who came into the state averaged 150,000 dollars whereas those who left averaged less than half. For many of these states the golden goose that provided the golden eggs are going elsewhere.
The problem as Wall Street journal writer Allysia Finley observed, “Cities are losing the voters who keep their leaders from going off the rails.” In Chicago, Brandon Johnson won by 20,000 which is but small percentage of the 175,000 who left Cook County or as Finney noted, “These are the people the city needs to back on the rails.
This trends cut in two ways. First, many investors, business leaders and wealthy citizens are leaving and taking their wealth with them. Second, they are leaving behind what is left of escape.