My fact of the week came courtesy of an article I read on the flight over to SF, about the changing state of our northern neighbour. I’m not referring to Canada, but rather Wyoming.t
The Cowboy State (technically the Equality State) is to my knowledge the least populous state in the union. What it lacks in people it makes up for in the beautiful plains to the east and the towering mountains in the west. If you have seen the TV show Yellowstone, you know what I’m talking about.
If you had to guess what the primary industry in Wyoming is, a sensible answer could be tourism, or agriculture. In terms of export value, perhaps. But in terms of “income generated” for the individuals who “reside” in Wyoming, it’s actually dividends. Let me explain.
Wyoming has a few things that are highly desirable for wealthy people. It is beautiful and close to rich people activities, like skiing and fly fishing. It’s safe and private. And it doesn’t have any state income tax; in fact I don’t think they have many taxes at all. So if those things appeal to you and you’re a big dog, why not “reside” in Wyoming.
Which leads me to the fact of the day. The top 1% of households in Australia earn ~550k. The top 1% of American households earn 700k. And the top 1% of households in Teton County, Wyoming, earn 35m a year, or 466x the median state income.
