In their scramble to shield their wealth from higher taxes, America's richest individuals are considering relocating to tax-friendlier states and, in some cases, countries.
In January, international financial advisory firm deVere Group saw a 48% month-on-month increase in the number of high-net-worth individualsthose with $1 million or more in assetsinquiring about permanently relocating outside the United States.
"When high-net-worth individuals are taxed to perceived excessive levels, they simply move to lower jurisdictions because they have the resources to do so," Nigel Green, CEO of the deVere Group, an international financial advisory firm, says in a statement.
Among some of the high-profile individuals who abandoned the U.S. for lower-tax countries are Eduardo Saverin, the billionaire co-founder of Facebook who recently moved to Singapore, and socialite and songwriter Denise Rich, who became an Austrian citizen and moved to London.
"It's a global trend demonstrated by GÃ©rard Depardieu giving up his French passport in favor of Russian nationality, and France's richest man, luxury goods magnate Bernard Arnault, having transferred his multi-billion euro fortune to Belgium in response to Hollande's threat of a millionaire's tax," Green says.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access