Billionaires renting in South Dakota to exploit tax loophole

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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