Willie Wilson made his announcement Tuesday at Chicago State University. This is his second run for City Hall.
"Chicago is bleeding jobs, citizens and hope. The present administration doesn't know how to stop this but I do and will as the next mayor of our great city of Chicago," Wilson said in a press release.
Wilson faces Mayor Rahm Emanuel and former Chicago Police Superintendent Garry McCarthy in next year's election.
The philanthropist and businessman is also a former U.S. presidential candidate.