Billionaires stashing funds in South Dakota trusts Monday, May 11, 2020
Pierre Capital Journal
South Dakota’s unusual stature as a leader nationwide in chartering trusts has been in the national headlines in recent weeks because of a new turn in a Texas billionaire’s messy divorce.
CNBC said this week: “South Dakota is fast becoming a mini-Switzerland for the world’s rich.”
“Analysts and local politicians estimate that $250 billion to $900 billion is now stashed in South Dakota trusts by the likes of Chinese billionaires looking to keep their fortunes out of reach of the government, Europeans looking to avoid taxes and Americans looking to shield wealth from spouses,” the network added.