The No. 1 reason billionaires decide to move — it has nothing to do with buying a bigger home

Andrew Keshner
The No. 1 reason billionaires decide to move — it has nothing to do with buying a bigger home

Sweeping vistas and proximity to fellow rich and famous folks are some reasons why billionaires live where they do, and now a new study says estate taxes are a pretty important factor as well. Billionaires tend to move out of states with estate taxes, according to researchers at the University of California, Berkeley and the Federal Reserve Bank of San Francisco. The federal government and state governments use estate taxes to tax the transfer of wealth and property from the deceased to their heirs.