How 'Insanely Corrupt' South Dakota Became a Magnet for the Wealth-hoarding Megarich
Experts on the wealth-hoarding strategies and subterfuges of the world's superrich are weighing in this week on why "billionaires love South Dakota" after a bombshell report revealed that the Republican-led state is a leading global destination for plutocratic tax cheats.
"South Dakota has sheltered billions in wealth linked to wealthy individuals previously accused of serious financial crimes and labor violations."
One of the biggest revelations in the Pandora Papers—a gargantuan cache of nearly 12 million documents revealing the hidden wealth and secret dealings of hundreds of the world's wealthiest people, published Sunday by the International Consortium of Investigative Journalists (ICIJ)—is just how much of a fortune-magnet South Dakota has become.
Drawn by low taxes and some of the nation's most generous trust laws, "shady billionaires from around the world are going to South Dakota," said Chuck Collins, author of The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions, and co-editor of Inequality.org at the Institute for Policy Studies (IPS).
As a result, the Mount Rushmore State "now rivals Switzerland, Panama, the Cayman Islands, and other famous tax havens as a premier venue for the international rich seeking to protect their assets from local taxes or the authorities," The Guardian reports.