U.S. billionaires are renting token spaces in South Dakota in order to exploit a tax loophole that helps families preserve their wealth, Bloomberg reports.

Illustrating the trend, Bloomberg said that a branch of Chicago’s Pritzker family, the family that owns the Radisson hotel chain, and rich families from Miami and Hong Kong all rent space in one storefront in Sioux Falls, S.D.

The spaces that these families rent are reportedly usually shut.

Source: Bloomberg

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription