Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago ranks fourth among U.S. cities for the number of millionaires. The city has 120,500 millionaires, 24 billionaires and 290 centimillionaires. A centimillionaire has wealth of at least $100 million. Compared to a decade ago, the millionaire figure is up 22%. The report says one in every 22 residents or about 2.6 million Chicagoans are millionaires. The figures were compiled by international wealth migration firm Henley and Partners. New York City has the most millionaires in the U.S., followed by the San Francisco Bay Area and Los Angeles. After Chicago is Houston, Dallas, Seattle, Boston, Miami and Austin. 

Also, a Chicago-based insurance startup plans to double its staffing over the next 18 months. Listen for more below:

Segment 1: Jackie Jackson, Franchise Owner, Kilwins, joins John to talk about being named Illinois small-business person of the year!

Segment 2: Abrar Al-Heeti, technology reporter for CNET, talks to John about TikTok suing the U.S. Government, and OpenAI reportedly working on a search feature for ChatGPT.

Segment 3: Jessica Smart, President and CEO, Clearbrook, tells John about the mission of Clearbrook, how they empower adults and children with intellectual/developmental disabilities, who they typically serve, and their upcoming fundraiser on May 17 featuring a live auction that includes a signed guitar from Taylor Swift!

Segment 4: Dobra Bielinski, the delightful owner of Delightful Pastries in Jefferson Park, joins John to talk about all the delicious treats they have for Mother’s Day!

Nationally syndicated financial columnist and author Terry Savage joins John to talk about a new rule about rollover advice that you should know about. Terry also answers all of your financial questions.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Ferrero has cut the ribbon on its first chocolate processing facility in North America in downstate Bloomington. The company will produce chocolate for several of its brands, including Butterfinger, Crunch and Kinder. The plant will include a 70,000-square-foot expansion and will eventually include a $214 million facility to make Kinder Bueno chocolate bars. Ferrero already has manufacturing plants on Chicago’s south side and in suburban Franklin Park. It has two other global processing plants in Europe in addition to the new Bloomington site. Last year, Ferrero opened a new Innovation Center and research and development lab in Chicago’s Marshall Field building.

Also, Electric vehicle maker Rivian says its net loss widened in the first quarter to nearly $1.5 billion but revenue nearly doubled compared with the same period a year ago. Listen for more below:

Segment 1: Aki Ito, Chief Correspondent at Business Insider, joins John to talk about her piece that explores why it’s extremely difficult to find a high-paying job.

Segment 2: Philippe Weiss, President, Seyfarth at Work, talks to John about what companies need to be aware of “collateral damage” when it comes to work harassment.

Segment 3: Dennis Rodkin, residential real estate reporter for Crain’s, joins John to talk about a new step in the homebuying process, and a new home development in Harvard.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

An auction will reportedly happen Friday for assets belonging to the shuttered Foxtrot grocery stores. Crain’s reports the online auction will include inventory, intellectual property, equipment and other items. JPMorgan Chase Bank will run the auction. Foxtrot is a Chase debtor. It’s unclear whether the store’s sister retailer, Dom’s, will be part of the auction. Dom’s wasn’t mentioned in the auction announcement. Neither was the parent company, Outfox Hospitality. 

Also, teen retail chain Rue21 has declared bankruptcy and will close all 540 of its stores including 20 in Illinois. Listen for more below:

Segment 1: Ilyce Glink, owner of Think Glink Media and Best Money Moves, joins John to talk about a Canadian economist who believes the stock market is in for a major correction, the numbers behind Friday’s labor report, and a new Gallup poll that says inflation is the #1 financial issue Americans are facing.

Segment 2: Marc Fredman, Chief Strategy Officer, CCC Intelligent Solutions, joins John to talk about their mission to make the process of making insurance claims easier through the use of AI and modern, flexible technology.

Segment 3: Meghan Harte, Executive Director, LISC Chicago, joins John to talk about the recent Commercial Corridor Manager Pitch and Project Showcase, a ‘Shark Tank’ style competition featuring a diverse range of visionary projects aimed at revitalizing communities across Chicago’s South and West sides.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago-based Hyatt Hotels will partner with Peloton to give guests an upgrade and other perks. The company’s putting Peloton equipment and related content in guest rooms at its properties and customers who use the machines will be rewarded with Hyatt loyalty points. In addition to bikes and rowing machines, guests will have access to Peloton classes on TVs. Loyalty points can be used for future bookings, upgrades and other experiences. Hyatt says it’s the first hospitality brand to reward customers for working out. 

Also, the Chicago Reader is returning to a weekly newspaper starting in June. Listen for more below:

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Rivian has announced it is adding 500 jobs to its manufacturing plant in downstate Normal. The announcement coincided with the State of Illinois providing immediate incentives totaling $75 million to Rivian to aid its expansion. The package also includes tax incentives worth $634 million over the next 30 years as long as Rivian keeps at least 6,000 jobs in the state. Rivian is expanding its plant to produce a new, smaller electric SUV. 

Also, an early-stage venture capital firm in Chicago says its new fund has raised $98 million. Listen for more below:

Segment 1: Phillip Shaw, CFP, Senior Advisor, Goldstone Financial Group, tells John about the numbers behind today’s labor report, inflation continuing to be stubborn, how many rate cuts he expects the Fed to make this year, the likelihood we see a recession, and what he’s telling investors right now.

Segment 2: Chef Richard Sandoval, Casa Chi, joins John to talk about his new restaurant in the Intercontinental Hotel. Chef Sandoval tells us what makes this restaurant unique, why he’s excited about the space, and what people should eat and drink when they visit. They are open:

Wednesday and Thursday from 4pm to 12am
Friday and Saturday from 4pm to 1am
Sunday from 2pm to 10pm

Segment 3: Nallely Suárez Gass, Founder, Drop Needle Drinks, tells John about her female-owned and operated company that sells a new line of sparkling wine-based ready-to-drink cocktails!