I've just concluded that the ultra wealthy are in some aspect stateless people. Sure, they have a passport - or multiple - but they'll emigrate to another country without blinking, if it means slightly less taxes and less transparency. And that's on top of their offshore assets, managed by other people.
Using your assets/wealth as political power seems to have become more popular here in northern Europe. Taxes too high? Fuck you, I'll take my money and companies to Switzerland. If politicians buckle, they'll move back home. Seems like a race to the bottom, where the tax havens will just compete for the best terms to the ultra wealthy.
>Sure, they have a passport - or multiple - but they'll emigrate to another country without blinking,
You forgot one variable. Women have a mind of their own.
Switzerland tried to take London's Hedge Fund Industry. The wives and kids hated the lack of things to do compared to London.
Same with Footballers. If a football player or manager signs for a club in a unattractive location, the wives may stay in the previous City.
Right, and let's face it, the ultra wealthy are not really known for their "family values" or their dedication to their children.
They'll provide them with financial support and that's where their relationship often ends.
Their loyalty is mainly to their wealth and status, everything else around them is "stuff" that merely exist to fulfill the goal of increasing profit.
I'm sure there are exceptions but I'm making a simple observations.
What I wonder is: Will they be missed? They're taking money away that the government won't have access to anyway, and by hoarding it, effectively reducing the money supply. If they live somewhere else, they might have less influence over our society.
The ultra-wealthy have been stateless for centuries.
For example, Britain’s famous “non-domiciled” tax exception was first created in 1799. It allows UK-resident foreigners not to pay tax on their foreign income except for funds they bring into the UK.
Wealthy families have been able to live their lives enjoying the stability of a Western democracy without paying taxes, keeping their assets scattered safely around the world and their citizenships wherever they can get the best deal.
The USA is also joining this game with Trump’s “gold card” that offers a path to citizenship for a $5M fee. But I don’t think the very rich will bite because US law and the IRS expect citizens to report their global income (at least for now, maybe Trump will eliminate this too with a stroke of a pen).