Over $1 trillion in Assets Have Fled Wall Street and the West Coast for the Sunny Low Tax South

the staff of the Ridgewood blog

New York NY, the relocation of a small portion of the American financial industry from New York and California to the US South has been measured anecdotally, often one office at a time, over the past few years. Elliott Management decamped for West Palm Beach. AllianceBernstein to Nashville. Charles Schwab landed in suburban Dallas. But now, there are hard and ugly numbers quantifying the scope of this nascent exodus. Bloomberg has calculated that both New York and California have in the past three years lost firms that managed close to $1 trillion in assets . The departures from the Northeast and West Coast have meant the loss of thousands of high-paying jobs, straining city and state finances by sapping tax revenue. Commercial property markets also have lost valuable tenants just as they’ve been struggling with the new realities of hybrid work. Yes, New York City area remains the most powerful center for asset management. But in the South, the new arrivals are fueling a boom.

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