Super-Rich Don’t Actually Leave Paradise Because of Higher Taxes
It’s something of a tradition among super-rich Californians to occasionally emerge from their mansions in the hills, take a collective deep breath and politely ask, “WHY ARE YOU RUINING OUR LIVES WITH ALL THESE TAXES!?!?”
It’s hard not to feel for these wealthy men (it’s basically always men). Leaving aside for a moment all those (actually) poor people in the Golden State, it’s tough to be rich in California. Just this year, those who earned more than $1 million had to pay out more than 50 percent of their income in federal and state taxes, a hit unlike anywhere else in the nation, according to The New York Times.
So they threaten to leave. Never mind the perfect weather, beautiful people, wonderful beaches, amazing professional networks, world-renowned food, thriving start-up scene, Disneyland, and Los Angeles Lakers, they say! We’re getting the hell out! Las Vegas looks fun! Or maybe Florida? Don’t they have Disney World or something?
The only problem with these threats is that people have been keeping track of whether or not they ever come to fruition. It turns out, California was the “largest absolute gainer” of super-rich people between 2012 and 2013, according to a new report by Wealth-X, a think tank focusing on rich people, that was sponsored by UBS. In other words, the super-rich just can’t get enough of California.