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So I dug into the numbers, and they do have a huge number of nonprofits: per capita, its off the charts. Wyoming doesnt have a state income tax or an estate tax; even property taxes are low. These wealthy locals are different from the wealthy people now coming to hide out.. They pull on leather cowboy boots and drive rugged trucks. If someone decides to go back to Connecticut because they had their fun, you lose a source of income that maybe the community depends on. Coming second to Teton is Manhattan, where the average income is $194,000. What Hector and his wife earn barely covers rent for the small trailer they share with two other families, where it gets so crowded that they take turns sleeping on the floor. Local elected officials, a Teton County billionaire and executives at Jackson Hole Mountain Resort all participated in the August primary by funding candidates seeking town, county and state seats. The people who serve at restaurants and clean houses to support tourism in the areajobs necessary to keep the local economy runningoften dont earnenoughto live in town. They have all these fundraisers and events and theres so much optimism about the potential to transform these communities because they have so much wealth and human/social capital, but its not happening. And we did talk a lot about wild places and all of that, but I also had questions about the income gap here and the fact that this place doesnt have income taxes. He has donated over $149 million to the foundation. . They looked at reviews from tourists and locals as well as awards to determine their rankings. Follow me to see more articles like this. Early on, the county urged outsiders to stay away. In this dark hour the pandemic is stripping away the veneer that all is well in Paradise. U.S. Wealth Gap Rises With Jackson Hole Coming at the Top The ranchs biggest draw is certainly not the residence. Discount retailer Tuesday Morning is set to close all five of its stores in Virginia. Thats one of the reasons I undertook the project. While many people want to live in the area because its beautiful and offersgreat outdoor access, Farrell finds that part of the draw for the wealthy is less prosaic: lenient taxes. The home itself is an old barn thats been converted into a quaint three bedroom residence. Just days later, a new property is taking over that most expensive title: the $175 million Jackson Land & Cattle ranch. Now comes news another retailer is set to close. Jackson's wealthiest person has a surname that every child in the United States is familiar with. Meanwhile, funding for human services that help the poor is minimal. In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America's richest people by $78 billion. The most obvious explanation for the wealthy migration to Wyoming is the tax incentives. Our friends are everything from ski bums to people who are very successful with immense wealth, and you would never know it because were all just in our jeans and flannel shirts, she told Farrell. Theres only so much land there, and its only going to get more expensive.. Head in any direction from the picturesque square at the center of Jackson Hole, Wyoming, and youll soon be on public land, amongthe spiny peaks of the Tetonsor meadows full of elk. There he was, bent over on one knee, he told Farrell. So they view the environment as the best of the best, in the same way you would a wine or a yacht. The countys sole hospital, St. Johns Health, has 24 ventilators and a dwindling supply of personal protective equipment. On one hand, thats good, because it preserves wild spaces; on the other hand, no one except the private landowner is able to go there, and the scarcity of developable land drives priceseven higher into the stratosphere. So they use nature combined with a romantic view of rural people as a way to transform themselves. I looked at where the money is going and asked what that says about the community. Sponsored: Find a Qualified Financial Advisor. 'Billionaire Wilderness' Author on Inequality in Teton County, Wyoming When his father, John Walton, died tragically in a plane crash in 2005, Lukas inherited one-third of his father's estate, and this had led to Lukas having a net worth of $15.6 billion. Little Jackson Hole is the city with the second most billionaires with the highest combined net worth in Wyoming. She inherited a part of her husbands share of the multibillion-dollar company when he passed away from a tragic plane crash in 2015. What attracts so many 1 percenters to the area? There are nearly 2,400 people worldwide whose individual net worth exceeds $1 billion and more than one-quarter of them live in the United States. Yeah, Ive got the airplanes, a motorcycle, and I love driving my Beemer through the mountains . Honestly, I think its because I built some pretty good relationships with many of these folks, and I do see them as people. He started his career selling used boats, then purchased the major boat brand Bayliner and he only paid $100 for the name in 1955. Claire Drury, who lives in Teton County but is far from rich, has a thinly veiled disgust for her wealthy neighbors. His sister Jacqueline owns a third, and the rest is owned by the four daughters of his late brother Forrest Junior. The first dilemma is economic. The state collects no personal or corporate income tax, and it has one of the nations lowest sales tax rates (5.36 percent, compared to 8.49 percent in New York). Wealth Gap Rises With Jackson Hole Coming at the Top. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. $647,500. Please let us know your thoughts in the comment section below. The expansive ranch hosts cattle and horses. As he examines Teton Countys inequality through lengthy interviews and data analysis, he wonderswhy an area with such a mind-boggling amount of wealth ignores things like social services and affordable housing. In March billionaire investor Yuri Milner plunked down $100 million for a Silicon Valley Estate, breaking previous purchase price records in the U.S. Just last week, billionaire heiress Petra Ecclestone became the new owner of the Spelling Manor an estate whose $150 million asking price had garnered it the title of Americas most expensive home for sale. Its per capita income is the nation's highest, at $251,728, nearly $58,000 more than Manhattan, its closest competitor. Most notably on taxes. It's the only way, he. Despite the two ranches comparable sizes, the Walton Ranchs land is much more heavily protected and only two or three additional homesites would ever be allowed on its acreage.