For the first time, concrete data has emerged showing the extent of the financial sector’s exit from New York and California. Since 2020, these two states have lost firms that each manage nearly $1 trillion in assets. The agency reports Bloomberg.
We’re talking about 370 companies that control $2.7 trillion in assets. The vast majority of them have moved to other states in the southern US where taxes and cost of living are lower.
This exodus of financiers has brought thousands of new high-paying jobs to states like Florida and Texas. But for New York and California, this has resulted in losses in tax cuts and weakening economic positions.
The immigration of financiers in the south of the USA triggered the economic boom; real estate prices are rising, new office centers are being built. Financial firms create thousands of jobs in Florida and Texas. Experts point out that the economies of the southern states have been radically restructured.
At the same time, New York still holds the lead in terms of the number and size of investment firms. But the continued outflow of financial assets can do nothing but worry government officials. Thus, Florida has long surpassed Connecticut in terms of controlled financial assets.
Experts note that the migration of financiers from the north of the USA has an avalanche-like nature. Companies are afraid of appearing dishonorable if they do not follow the example of competitors moving south after cheap taxes and a comfortable climate. This, in turn, could trigger large-scale crises in the US’s largest urban settlements.
Earlier in the week, economist Ivanov guess The collapse of the US and UK economies.
Formerly an economist warned Kiev on the risks associated with the growth of foreign debt.