

Millionaires Cash Out Of California - chaostheory
http://blogs.forbes.com/digitalrules/2007/07/millionaires-ca.html

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ph0rque
PG, you wrote the following some time back:

> What it takes is the right people. If you could get the right ten thousand
> people to move from Silicon Valley to Buffalo, Buffalo would become Silicon
> Valley. (<http://paulgraham.com/siliconvalley.html>)

If the millionaires are really moving out of CA, shouldn't this herald the
move of a silicon valley type startup atmosphere to the city or cities
millionaires are moving?

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chaostheory
hmm not sure... I think if millionaires are moving out, it doesn't mean
entrepreneurs are

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geebee
The article wasn't completely clear about where these millionaires are
actually living. One client saved nearly 100K/year by declaring a primary
residence in another state (Wyoming). Does that actually mean he/she lives
there?

Another thing - almost anyone who bought a modest house in a nice neighborhood
in most of the bay area, los angeles, san diego, santa barbara... more than 15
years ago is probably a millionaire on paper. I have a feeling a lot of these
millionaire cash outs are retirees tapping home equity.

But are high tech entrepreneurs, flush with a mil from their first success,
eager to leave silicon valley and resettle in Wyoming? Seriously doubt it.

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staunch
If it's just tax evasion they may still be living and doing business there. A
Wyoming millionaire can invest in a California company.

