Cuba’s annual cigar extravaganza has kicked off in Havana attracting wealthy tobacco aficionados and retailers from around the globe. As Sonia Legg reports, a surge in sales of Cuba’s legendary cigars in China helped one manufacturer’s global revenue rise 12 percent to hit a record $500 million last year.
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Most people imagine the wealthiest Americans living in penthouse apartments in New York or beachfront California estates.
The reality is many of those one percenters would be better off elsewhere.
Personal finance site GOBankingRates determined which states were best suited for the super-rich by comparing property tax rates, income tax rates and average earnings of the top 1% in each state as well as the crime rate and the quality of school districts.
The country’s best places to live for the jet set all benefit from low taxes and good schools.
In the very top spot was Wyoming, which has no income tax at all and low property taxes. It is also among the states with the lowest population density (think large properties coupled with small property tax bills).
Here are the top five states for the upper class:
2. South Dakota
5. West Virginia
Alternatively, New Mexico landed in the worst spot for those with deep pockets, the personal finance site found. It has the highest property crime rate and lower income than most other states.
Here are the bottom five states for the wealthy:
50. New Mexico
For a look at the complete list, click here.
For residents in high-tax states such as California and New York who are now considering a move, there a are a few things to consider in the wake of the GOP tax reform, which slashed deductions for state and local taxes.
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