Billionaires: The More the Merrier!

The number of billionaires in the world is shrinking. Not a good thing. Globally, billionaire wealth last year dropped by $500 billion. But in the US, the outlook is better. In 2022, the US added 55 new billionaires, going from 720 to 775.

I’m always curious about which industries are creating the big wealth. According to the research I did, finance, investing, and technology were the top billionaire producers last year, followed closely by food and beverage, fashion, and retail.

And where are these billionaires?

As you can see from the link below, the lion’s share of the super-rich live in just four states: California, New York, Texas, and Florida.

But things are changing. California and New York have been losing their super-rich residents in the last half-dozen years, while Texas and Florida are gaining (or creating) more of them. This is not a fluke. And for California and New York, it is a very bad thing. These state economies are huge, but their spending is insane. That means more debt that must be fueled by the only income state governments have: taxes.

But when your richest people are leaving your tax jurisdiction, you lose not only the huge taxes they pay, but also (very often) the huger taxes paid by their businesses if they, too, leave the state. Which is what is happening.

Click here.