This is a classic mistake made all the time in economics, assuming all people are rational actors operating on a "money go up" algorithm. It ignores emotions,

This is a classic mistake made all the time in economics, assuming all people are rational actors operating on a "money go up" algorithm. It ignores emotions, it ignores our vast swath of cognitive biases and shortcomings, and it ignores a hugely complex capitalist system. Off the top of my head, reasons a millionaire might not move out despite the existence of a wealth tax 1. They're too lazy to figure out how to move, including moving all their assets etc and sorting a new citizenship, finding a new job 2. They're too scared, for reasons above 3. They're a perfectly rational actor and the cost of a move doesn't outweigh the tax 4. They love their city 5. They have a huge family spread throughout the area 6. They're a fervent patriot 7. They don't want to leave their local church 8. They're the coach for the local little league team 9. Usa law is more reflective of their own value system (say, they like guns) 10. The rockies are too beautiful to leave behind