Revealed: The most tax-friendly state in America where the ultra-wealthy are flocking for business
Wyoming is rapidly establishing itself as a top destination for ultra-wealthy individuals and businesses, drawn by its tax advantages and high-end real estate market.
As one of nine US states with no state income tax, Wyoming offers significant financial incentives for affluent residents.
Additionally, the state's Dynasty Trust laws allow families to transfer wealth across generations while avoiding estate, inheritance and state income taxes - further solidifying its status as a tax shelter.
The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens.
'Wyoming is the most tax-friendly state,' Latham Jenkins, a real estate agent with Live Water Jackson Hole told Realtor.com. 'Retirement benefits are not taxed at the state level, and it's one of the most business-friendly states in the nation.'
Wyoming's luxury real estate market is also thriving.
The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens. Pictured: A luxury home under construction near Jackson, Wyoming
Although the state's overall housing inventory is limited, its high-end listings stand out. Approximately three percent of active listings in Wyoming are priced over $5 million - ranking significantly higher than neighboring states such as Idaho at 1.3 percent and Montana at 1.9 percent.
The Teton County area - home to Jackson Hole, a world-class skiing destination - dominates the high-priced market, with 57 of the 69 listings above $5 million, Realtor.com reported.
Aside from its proximity to the top-rated Jackson Hole Mountain resort, the region's appeal to the ultra-wealthy is driven by its exclusivity, stunning landscapes, and celebrity presence, with A-listers like Harrison Ford, Sandra Bullock, and Kanye West reportedly owning property in the area.
The median listing price in Teton County sits at $2.95 million, while the state's median is $495,000.
The area's limited land availability, with 97 percent of Teton County federally protected, further drives up demand, making it an attractive option for wealthy buyers.
Despite strong demand, luxury homes in Wyoming tend to stay on the market longer than in other states.
Properties priced at $5 million or more have a median listing period of 187 days, compared to 81 days in Idaho and 114 days in Montana, according to the real estate outlet.
The state's extended timeline reflects a market where sellers, often without mortgages, are less inclined to lower prices, leading to a more patient and strategic selling process.
Wyoming's luxury real estate market is also thriving. Pictured: The entrance to the Diamond G Ranch near Dubois, Wyoming which was on sale for $71 million in July 2022
In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. Pictured: Grand Teton National Park in Wyoming
Margi Barrie, associate broker with Prugh Real Estate, notes that sellers are in no rush.
'People are more bullish in their prices, and more confident. A lot of people aren't leveraged on their property so that they can sell them, or not,' she explained to Realtor.com.
In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. However, the lack of price reductions indicates that many sellers are not eager to exit the market quickly.
The northwestern state's combination of tax advantages, business-friendly policies, and a high-demand luxury real estate market make it an increasingly attractive destination for the ultra-wealthy.
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