Myth of Millionaire Tax Flight

Cristobal Young

In this age of globalization, many countries and U.S. states are worried about the tax flight of the rich. As income inequality grows and U.S. states consider raising taxes on their wealthiest residents, there is a palpable concern that these high-rollers will board their private jets and fly away, taking their wealth with them. Many assume that the importance of location to a person's success is at an all-time low. Cristobal Young, however, makes the surprising argument that location is very important to the world's richest people. Frequently, he says, place has a great deal to do with how they make their millions. In The Myth of Millionaire Tax Flight, Young examines a trove of data on millionaires and billionaires - confidential tax returns, Forbes lists, and census records -and distils down surprising insights. While economic elites have the resources and capacity to flee high-tax...