The richest 400 individuals in the United States live in many places – but only a few live in New Jersey. Why do the wealthy eschew the Garden State? With a giant business base, tremendous natural beauty and wonderful people aplenty, why do the richest of the rich live elsewhere? Perhaps it is the regulatory burdens and the ever-increasing march of increased taxes and fees that New Jersey residents face, with more to come due to the pandemic. As its Governor will tell you, New York learned its lesson when it employed its “soak the rich” strategies. People are still fleeing New York and New Jersey in droves. And not just those who top the Forbes list; those decamping include many high net-worth individuals who have given up and headed for more hospitable locales. Those left in New Jersey must then bear a greater share of the ever-increasing debt burden and profligate spending that have been a hallmark of our State for decades.
“New Jersey may be a great place to live, but it apparently is not the residence of choice for the richest people in the country. Only four of the 400 people on the Forbes list of the richest people in the country live in New Jersey. At least by the definition Forbes used. We get it, there are plenty of people who have made their fortune here — and perhaps still do — but live elsewhere.”
Read: Forbes lists richest 400 in U.S. — and only 4 live in N.J. at ROI-NJ