Where’s the Billionaires? Why the Elite WILL NOT Live in Michigan

Michigan has an abundance of many things, including gorgeous lakes, beautiful landscapes, lush forests, and automotive dreams. What we are sorely lacking in is billionaires.

Related: The Richest Man in Michigan Made More Money Than Bill Gates!

So where are America's elite flocking to? Wyoming. Yup, Wyoming leads the nation with 3.47 billionaires per million people according to new research conducted by The Digital Project Manager. To be fair there are only 576,851 residents in Wyoming, but per million residents, they reign supreme.

Why Billionaires Are Leaving Michigan and Other States for Wyoming

Before we dive into why the Mitten is seeing an exodus of the mega-rich, let's see which states, and why, billionaires are flocking to. Why Wyoming? Here's some insight from the Tax Foundation:

Wyoming does not have an individual income tax. Wyoming also does not have a corporate income tax. Wyoming has a 4.00 percent state sales tax, a max local sales tax rate of 2.00 percent, and an average combined state and local sales tax rate of 5.36 percent.

Obviously, not having a corporate or individual tax is attractive to those with ten or more figures in their accounts.

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How does Michigan compare to Wyoming for taxes:

Michigan has a flat 4.25 percent individual income tax rate. There are also jurisdictions that collect local income taxes. Michigan has a 6.00 percent corporate income tax rate. Michigan has a 6.00 percent state sales tax rate and does not levy any local sales taxes.

As you can see, there is quite a difference between Wyoming and Michigan's tax structure.

Michigan has a far higher tax percentage that seems to turn billionaires away from residing in our state. In fact, Michigan has the fewest billionaires per million residents.

Related: Do You Know Who Owns the Most Land in Michigan?

Research from The Digital Project Manager shows that Michigan, with a population of 10,077,331 people, has an average of 1.09 billionaires per million.

If you're curious which states are the top 10 and bottom 5 for billionaires, keep scrolling.