4 ms·

TLDR: yes. Case study: New York City, United Kingdom, France, Germany, Denmark… The list goes on until they choose; Texas, Florida, Singapore and Dubai.

by rvz 10mo ago

ReluctantLaser 10mo ago
Perhaps I missed it, but your TL;DR seems like a personal view rather than what is in the article. Do you have sources for your claims?
- coderjames 10mo ago
  Not OP, but one example I can think of: Jeff Bezos moved from Washington state to Florida two years after Washington enacted a 7% capital gains tax "on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets"[1] which "reportedly helped him save $1 billion in taxes."[2] [1]: https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax [2]: https://finance.yahoo.com/news/jeff-bezos-moved-florida-impacted-104522418.html https://finance.yahoo.com/news/jeff-bezos-moved-florida-impa...
- rvz 10mo ago
  It’s not really hard to see such a migration if you simply follow the money. See [0] and [1] [0] https://www.forthcapital.com/uk/articles/2025-wealth-migration-why-a-record-16-500-millionaires-are-leaving-the-uk-and-where-theyre-going https://www.forthcapital.com/uk/articles/2025-wealth-migrati... [1] https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025/country-wealth-flows https://www.henleyglobal.com/publications/henley-private-wea...
- lucaspm98 10mo ago
  There's plenty of studies on this. There's unsurprisingly a modest but statistically significant migration of millionaires from high-tax to low-tax jurisdictions. https://www.asanet.org/wp-content/uploads/attach/journals/jun16asrfeature.pdf https://www.asanet.org/wp-content/uploads/attach/journals/ju...
jdiff 10mo ago
People have been saying it about NYC forever, but last I checked the millionaire+ population of NYC had grown, not shrunk.
- lucaspm98 10mo ago
  Of course the number of millionaires has grown on an absolute basis given inflation and the strong stock market. To control for this look at NYC's share of the nation's millionaires, which shrank from 6.5% in 2010 to 4.2% in 2022. https://cbcny.org/research/hidden-cost-new-yorks-shrinking-millionaire-share https://cbcny.org/research/hidden-cost-new-yorks-shrinking-m...
  - zbentley 10mo ago
    Okay, so aggressive taxation should then have its (proven) benefits weighed against the (dubious) benefits of having 30% of your millionaires change their legal residence to be elsewhere. I think taxes still handily win with room to spare. Even more: plenty of those rich people are still in NY and participating in its economy (legal residence != where you actually physically live, especially if you have resources to game residence by owning multiple properties).
chipgap98 10mo ago
Ah yes. There are famously no billionaires who live in New York City
zipy124 10mo ago
I mean, net millionares are massively up in the UK, not nearly as many left as are created, so it's not really a good case study there.
- rvz 10mo ago
  I assume you have a credible source for that (baseless) claim and for what year exactly?
  - zipy124 9mo ago
    Well, the usual millionaires fleeing data for the Uk is the Henley & Partners report[0] (a wealth management firm, which is not a reputable source for these statistics, they simply want to attract clients, so its advertising). That reports 16,500 millionaires leaving the UK in 2025. This report has been critisiced, with the data likely compeltely or partially fabricated [1]. [2] provides a graph for millionaires by year (note covid data unreliable) and you can see the number remains steady, so therefore if there was net migration it must be made up for by new millionaires anyway. In fact [3] (with UBS data) suggests the number of millionaires went up by 20% between 2017 and 2025 in the uk, despite 2% migration. [0]: https://www.ftadviser.com/content/e80ff28f-97fb-4e85-811f-c07c067b772a https://www.ftadviser.com/content/e80ff28f-97fb-4e85-811f-c0... [1]: https://taxpolicy.org.uk/2025/07/27/henley-partners-millionaire-migration-report-analysis https://taxpolicy.org.uk/2025/07/27/henley-partners-milliona... [2]: https://taxjustice.net/press/millionaire-exodus-did-not-occur-study-reveals/ https://taxjustice.net/press/millionaire-exodus-did-not-occu... [3]: https://taxjustice.net/press/millionaire-exodus-claim-backtracked-but-media-re-run-story-anyway/ https://taxjustice.net/press/millionaire-exodus-claim-backtr...
- charlieyu1 9mo ago
  And it is just inflation. Does a million quid even last a lifetime now?

TLDR: yes. Case study: New York City, United Kingdom, France, Germany, Denmark… The list goes on until they choose; Texas, Florida, Singapore and Dubai.

by rvz 10mo ago

TLDR: yes. Case study: New York City, United Kingdom, France, Germany, Denmark… The list goes on until they choose; Texas, Florida, Singapore and Dubai.

ReluctantLaser 10mo ago

Perhaps I missed it, but your TL;DR seems like a personal view rather than what is in the article. Do you have sources for your claims?

coderjames 10mo ago
Not OP, but one example I can think of: Jeff Bezos moved from Washington state to Florida two years after Washington enacted a 7% capital gains tax "on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets"[1] which "reportedly helped him save $1 billion in taxes."[2] [1]: https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax [2]: https://finance.yahoo.com/news/jeff-bezos-moved-florida-impacted-104522418.html https://finance.yahoo.com/news/jeff-bezos-moved-florida-impa...
rvz 10mo ago
It’s not really hard to see such a migration if you simply follow the money. See [0] and [1] [0] https://www.forthcapital.com/uk/articles/2025-wealth-migration-why-a-record-16-500-millionaires-are-leaving-the-uk-and-where-theyre-going https://www.forthcapital.com/uk/articles/2025-wealth-migrati... [1] https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025/country-wealth-flows https://www.henleyglobal.com/publications/henley-private-wea...
lucaspm98 10mo ago
There's plenty of studies on this. There's unsurprisingly a modest but statistically significant migration of millionaires from high-tax to low-tax jurisdictions. https://www.asanet.org/wp-content/uploads/attach/journals/jun16asrfeature.pdf https://www.asanet.org/wp-content/uploads/attach/journals/ju...

jdiff 10mo ago

People have been saying it about NYC forever, but last I checked the millionaire+ population of NYC had grown, not shrunk.

lucaspm98 10mo ago
Of course the number of millionaires has grown on an absolute basis given inflation and the strong stock market. To control for this look at NYC's share of the nation's millionaires, which shrank from 6.5% in 2010 to 4.2% in 2022. https://cbcny.org/research/hidden-cost-new-yorks-shrinking-millionaire-share https://cbcny.org/research/hidden-cost-new-yorks-shrinking-m...
- zbentley 10mo ago
  Okay, so aggressive taxation should then have its (proven) benefits weighed against the (dubious) benefits of having 30% of your millionaires change their legal residence to be elsewhere. I think taxes still handily win with room to spare. Even more: plenty of those rich people are still in NY and participating in its economy (legal residence != where you actually physically live, especially if you have resources to game residence by owning multiple properties).

chipgap98 10mo ago

Ah yes. There are famously no billionaires who live in New York City

zipy124 10mo ago

I mean, net millionares are massively up in the UK, not nearly as many left as are created, so it's not really a good case study there.

rvz 10mo ago
I assume you have a credible source for that (baseless) claim and for what year exactly?
- zipy124 9mo ago
  Well, the usual millionaires fleeing data for the Uk is the Henley & Partners report[0] (a wealth management firm, which is not a reputable source for these statistics, they simply want to attract clients, so its advertising). That reports 16,500 millionaires leaving the UK in 2025. This report has been critisiced, with the data likely compeltely or partially fabricated [1]. [2] provides a graph for millionaires by year (note covid data unreliable) and you can see the number remains steady, so therefore if there was net migration it must be made up for by new millionaires anyway. In fact [3] (with UBS data) suggests the number of millionaires went up by 20% between 2017 and 2025 in the uk, despite 2% migration. [0]: https://www.ftadviser.com/content/e80ff28f-97fb-4e85-811f-c07c067b772a https://www.ftadviser.com/content/e80ff28f-97fb-4e85-811f-c0... [1]: https://taxpolicy.org.uk/2025/07/27/henley-partners-millionaire-migration-report-analysis https://taxpolicy.org.uk/2025/07/27/henley-partners-milliona... [2]: https://taxjustice.net/press/millionaire-exodus-did-not-occur-study-reveals/ https://taxjustice.net/press/millionaire-exodus-did-not-occu... [3]: https://taxjustice.net/press/millionaire-exodus-claim-backtracked-but-media-re-run-story-anyway/ https://taxjustice.net/press/millionaire-exodus-claim-backtr...
charlieyu1 9mo ago
And it is just inflation. Does a million quid even last a lifetime now?