As a boutique financial consulting firm that guides family offices around the world, we have been getting a variety of questions recently around which cities/states have the highest concentration of family offices in the U.S, and this post touches a little more on that.
It is no surprise that the most popular destination for family offices globally is New York City with Wall Street being the epicenter and the financial capital of the world, followed by California largely because of the fortunes created in Silicon Valley. Although New York and California are well known for their unfavorable business climates and confiscatory tax regimes, they still have the highest percentage of millionaires and billionaires in America.
Next in line Florida, Nevada, and Texas have also become top destinations for family offices largely because of their favorable business environment and tax friendly status (no state income tax). It is no secret for a confluence of reasons that there has been a mass migration on the west coast from California to Nevada and on the east coast from New York to Florida.
In particular, Las Vegas has become one of the fastest growing hot spots for family offices in the world with an optimal mix of no state income tax, no inheritance tax, no corporate income tax, and a robust economy combined with some of the strictest secrecy laws for family trusts. And the warm climate plus a luxurious lifestyle with world class dining/shopping make it a no-brainer for family offices seeking a residence to protect and grow their assets.
At The Practical Contrarian, we provide consulting services for family offices all over the U.S. If you are interested in discussing the best, most optimal location for setting up your family office, we are here to help and just a click away.