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).