The wealthy are pulling up stakes

Multimillionaires can live just about anywhere they please, and many of them are leaving countries with onerous taxes or political instability. Here's where they're going.

By Kim Peterson May 30, 2012 11:50AM
The superrich are jumping from country to country, packing up and moving to more suitable climates.

And we're not talking about the weather. Many multimillionaires are seeking places with better tax rates to preserve their cash. Perhaps they're looking for more political stability or just a better place to live.

So are they coming to the United States?

Post continues below.
Not in the case of Edoardo Saverin, the Facebook (FB) co-founder who has renounced his U.S. citizenship and now lives in tax-friendly Singapore. It's unclear exactly how much of Facebook Saverin owns. Estimates range from the 2% stake suggested by The Wall Street Journal to the 4% stake estimated by The Los Angeles Times. At any rate, Facebook's IPO has added billions to his bank account.

Singapore doesn't have a capital gains tax, which makes life very comfortable for the ultra-rich. And many wealthy foreigners are flocking to the country as a result.

As above the video shows, some of the wealthiest residents of France are seeking to flee the country's punitive taxes. As European nations struggle to find financial footing, the rich are finding themselves the target of extreme tax hikes. The French are seeking a haven in Switzerland, another tax-friendly country.

But America is still attractive to some global millionaires. The wealthy Chinese are moving here, CNBC reports, enticed by political stability, a less oppressive government and lucrative real-estate investments.

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351Comments
May 30, 2012 12:54PM
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Taxes paid by highest incomes
  • The top 1% pay 22.7% of taxes.
  • The top 10% pay 50% of taxes.
  • The top 20% pay 65.3% of taxes.
  • The top 40% pay 84.3% of taxes.
Taxes paid by lowest incomes
  • The bottom 20% pay 1.1% of taxes.
  • The bottom 40% pay 6.1% of taxes.
May 30, 2012 2:10PM
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Thanks to self-serving, egomanical, corrupt INCUMBENT/CAREER politicians, the USA has seen its national wealth exported abroad---who do you think wrote the laws, facilitiated the licenses, and staffed the US Government agencies that allowed all this to happen????  The politicians YOU voted for term after term after term.  Give me a lobbyist budget and I'll have any potitician anywhere doing my bidding (er, excuse, my "requests") when and where I want him/her to do it.    The US used to have crime families, now we have political families--both engage in the same type of activity.   And it must be said, WELFARE for the non-working, non-educated, non-responsible people making a career in living off other people's money is also at the root of the financial mess both the Feds and the States are in---everyone is deep in debt with no ability to curb their growing debt.   Government at all levels now encourage "go out and spend money!!  Use your credit cards if you don't have cash!!!   Come GAMBLE with us---you can't win if you don't play!!!  Let's tax the RICH---dey got plent a moooneneey!!!  It is Government that is the financial devil, not rich people and not working people.   Let's tax politiical contributions,  let's tax the so-called non-profits (where "CEOs" "Presidents" and other administrators make big, big bucks!!)..  Let's cut ALL government budgets 10 percent today, with more to follow as needed. 
May 30, 2012 1:05PM
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The super rich can simply afford more choices.  We have a family member that does photography for some very wealthy clients.  The biggest thing he is seeing is the lack of willingness to invest any further.  Frankly, they are very worried about losing their investments so they sit on their wealth because they have no confidence in the future.  No matter how you frame it - that's very bad news going forward.
May 30, 2012 2:24PM
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The government took over job creation.
How is that working out for you?
BIg Government, higher taxes, less jobs.
Pretty much what I expected out of the current administration.

May 30, 2012 4:16PM
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I saw a great bumper sticker while driving to work: OBAMA - Because everyone else deserves what you worked for. That about sums it up!

May 30, 2012 1:44PM
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This is where the tax-the-rich strategy falls flat on its face. Proponents of this approach say that you can tax the rich more and the rich will pay more. Reality shows that after a point, the rich will simply leave and the middle-class and poor will get stuck with the bill anyway. The same smarts that made them rich (by whatever means) are the same smarts that won't let their fortunes be eroded away by punitive taxes.
May 30, 2012 2:32PM
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I love it...this is the true cost of a liberal President.  He appeals to the ignorant populace, but is too stupid to understand the country needs the rich more than the rich need the country.

 

"Time for you to pay your fair share".

 

Yeah - let me know how that works out for you.

 

 

 

May 30, 2012 12:30PM
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Do these spammers just sit around on news sites all day waiting for any article to pop up as they constantly refresh their browsers? These spammers are so annoying, the LAST place I'd go on the internet would be where they're advertising.

" It all comes down to one thing...are you tired of the rich getting all the bailouts and us working men getting nothing? "

NO IM TIRED OF YOUR SPAM GTFO

May 30, 2012 4:23PM
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Listen to all the parasites whine about their hosts getting away from them.    It's not patriotic to steal from your country men just so you can get a hand out.   Try earning your own money instead of using the government to steal it for you.
May 30, 2012 1:14PM
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The ignorance and the arrogance of many posting here is incredible.  The richest 5% of the nations population pay 90% of the tax dollars and support those who claim to be the abused middle class.  I'm curious how many of the "middle class" make generous contributions to charities, political organizations, hospitals, etc.  While these constitute tax breaks for these rich folks, they contribute more in one year than most "middle class" earn grossly in 10 years.  I'm just one of the lowly middle class in this nation, but I appreciate the fact that I couldn't even scratch the surface in contributions and support that the wealthy provide to the citizens of this nation.  How many of the middle class can claim to pay millions in taxes annually, or tens or even hundreds of thousands in charitable donations.  So what if they're only paying 15%, they still are paying a heck of a lot more than any of us pay in a lifetime, in some cases within just one year.Wake up America an begin appreciating what you have.
May 30, 2012 2:29PM
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For get about the rich? This country needs to get rid of Union work forces so we can go back to being a country that manufactures goods. Unions are killing America!!!!!!
May 30, 2012 2:06PM
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The wealthy Chinese are moving into our country?  Really?  You mean they are buying our country.  They own most of the 16 trillion in debt.  I wonder what will happen next?
May 30, 2012 1:19PM
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Not nuclear physics, why, would a rich person stay here and pay more every year, to pay for Obama's vote buying handout programs and green fantasies.
Why would any business person want to stay here and pay more in regulatory costs, EPA costs and Obama's vote buying handout programs.

May 30, 2012 3:51PM
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Some Idiot wrote about the wealthy  " don't let the door hit you on the way out" "once they (the rich) all leave we can have what's left"

What an dumb Idiot

Once they all leave...you PIN Head we'll be like Mexico.

May 30, 2012 4:58PM
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I live in MA and I work with many people who changed their primary residence to Florida to escape MA taxes. Many of the people have confided they don't really like Florida but theysave so much money it would be foolish not to go for 6 months a year. Politicians have to realize that people have choices where they live and open businesses and will make financial decisions which are best for their families. I used to work with many small businesses in NY which moved out of the area due to the state and city taxes on top of their federal taxes. People are sick of working harder only to have some political hack waste their money.

May 30, 2012 12:28PM
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Don't worry folks, the rich will move back when Obama lost his job.
May 30, 2012 4:21PM
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New York and California are seeing the same kind of exodus:

http://cnsnews.com/news/article/escape-new-york-high-taxing-empire-state-loses-34-million-residents-10-years

Thankfully, many of them are just moving to tax-friendly and business-friendly states like Florida, Texas, and Indiana. Anybody who thinks that raising taxes on the "rich" is going to increase government revenue simply hasn't thought things through. Instead of hating people who make more money than you, either be content with what you have or find a way to make more yourself.

May 30, 2012 3:17PM
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Just like any fool should know.  When you tick off the kid with the football and he takes it home no one gets to play the game anymore.  Go ahead and vote for this administration and others like it and eventually all the people who have money and or capable of making money will leave America behind and go elsewhere. I am not saying I do not agree with some of it just that this is where it will go and that you cannot stop them.  So quit telling them and the big companies that you are going to make them pay for everything because you wont.  They will just raise prices or leave and you will just make us all pay more.  Now get back to work!
May 30, 2012 2:22PM
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Wow!...Seriously! They're all leaving me... Hey wait a minute...Wheres all the jobs they were supposed to create!
May 30, 2012 4:06PM
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Also if we can get the checks and balances restored, prosecute those who abuse office, and lessen the impacts of those huge corps new millionaires will be born and your children can actually have a real chance at success, not just a facade to equality.  Maybe they won't be billionaires, but a lot of millionaires will arise.
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