Why Wyoming is so Weirdly Wealthy 

tax avoidance. the answer is always tax avoidance.

I lived there 20-odd years ago… the joke then was the billionaires were pushing the millionaires out.

The answer is ALWAYS taxes.

I went to Jackson for vacation a couple of years ago and our waiter at the Thai restaurant at night was our waiter the next morning at a different diner for breakfast. I can't imagine how many hours he had to work to live there

I was born and raised in Jackson. It's punishingly expensive there for the working class. I used to work retail making less than 12 bucks an hour. I moved away for college, and then my family moved away a few years later. My friends moved away, and so did their parents. I know practically nobody there anymore because nobody can afford to live there. The normal 3BR house that my dad paid for in 1990 was I think $90k. He lost it a long time ago, but Zillow has it listed for $1.6 million. A beautiful but terribly expensive place.

This really about second/third homes, space and privacy. None of them actually live in Wyoming, they just escape there at Christmas and pandemics.

I actually work in Jackson as an electrician. You can smell the wealth disparity.

People I know who work there all treat it as a seasonal gig. Make 20 bucks an hour plus room and board and tips for a summer, and then go back to college. Great deal if you're 19, but it probably wouldn't be as much fun if you're 37...

Wyoming’s winter is something else honestly, I have been Lapland , Finland in winter and for some reason Wyoming felt colder it’s gotta be the wind 😂

The irony of all these nature loving people flying in on hundreds of private jets.

"Why do so many billionaires live in X? And why is it taxes?"

Ironically the road through the Teton pass from idaho Falls to Jackson got taken out by a landslide a few days ago.

Local here. Many who live over Teton pass has now been forced to quit their jobs, as the pass has been closed by a landslide and mudslide for the foreseeable future.

It's saddening to realize how the cycle of wealth accumulation tends to benefit a small group, often leaving much of the population struggling. It makes one think hard about the potential solutions to such systemic issues.

The answer is not just taxes. There are not a whole lot of people in Wyoming, and billionaires like being isolated.

I live in Jackson Hole and rich people have flat out destroyed the middle class and the community along with it. Housing is utterly unaffordable. I'm leaving this year along with many many others...

World record for most words beginning with W in a RU-vid title, I bet.

Wendover's Why Wyoming is so Weirdly Wealthy. W.

And this is why I don't think anyone should have the amount of money these people have. No one needs a behemoth mansion that can be viewed from space, no one needs a billion dollar yacht and no one needs 30 supercars, especially when it leads to everyone else barely affording their medical bills, fighting minimum wage and crippling under inflation. These greedy people need to be regulated, that money should be taxed to the heavens and redistributed back to the hard workers who are paying the heavy price of corporate greed. The working class have a right to live financially-free lives!

I worked a minimum wage job there when I was younger. I split a small chalet with 6 people. My room was the closet in the master bedroom. Even with no money I had a great time there. Now I could buy a vacation house there if I wanted but somehow I don’t think it would compare to my days living with 6 friends, hiking, skiing, riding dirt bikes. Honestly, it does not take much money to have a good time there. You just need creativity and a good attitude.

Most low wage employees live in Victor Idaho and drive through the Teton pass to work in Jackson. But the 45 min drive just turned into two hours arter a massive landslide took out the pass

The Grand Tetons, being named by horny French explorers.

That wealth gap is crazy. We're also on the similar path in INDIA. While everyone is fined for excessive use of ground water, Rich people can have huge golf course in the same area with lush green grass properly maintained in 45°c heat.

The most obvious explanation for the wealthy migration to Wyoming is the tax incentives. The state collects no personal or corporate income tax, and it has one of the nation's lowest sales tax rates (5.36 percent, compared to 8.49 percent in New York).

I broke my leg when snowboarded in Jackson, and spent entire week walking around that little resort town, very good memories. I bought myself an expensive cowboy hat.

Leaving a legit comment. I noticed Wyoming is also one of the states where a lot of people open up LLCs. Glad you made a video on the state Sam.

I’ve lived in Jackson for two years now and watching this video was incredibly cathartic. You put into words a lot of phenomena I’ve seen with my own eyes but failed to adequately describe to outside friends. This place is like the Dubai of the US, where the rich get tax breaks and expensive food and the working class suffers. PS, fun fact, I actually lived in the employee housing unit you mentioned at the golf and tennis club my first winter out here. It was not very nice.

Remember folks, 'It's a big club, and you ain’t in it.' - George Carlin

It is good we acquire as much wealth as we can, most people fail to understand what it takes to become wealthy, they want to become wealthy overnight by thinking their savings will help them attain that, they fail to understand that investment is what truly builds wealth. I advise you all key into investing and earn side money than depending on your savings if you truly want to be wealthy

Wyoming weather, let me introduce you to Alberta

I was in Wyoming at Jackson Hole for 5 days snowboarding. It's a pricey place but man is it nice. I definitely want to go back, but I think Salt Lake City ski areas are much more affordable and easier to access.

Holy s**t that tax write off for the conservation easement is crazy. A charitable deduction for up to half your annual income for up to 15 years!!! Thats wild.

I worked in Jackson for a little, everyone where I worked lived in Idaho or in their vans/cars

without the conservation easements it would still be too expensive so I would rather see a bit of open land than condos

This accurately depicts one glaring issue with our economy that no one mentions... how we've developed a fourth class of people, the "ultra rich" and how the rich who used to sell thousands of Chryslers annually to the middle class, now sell one Bentley a year to the ultra rich. A huge swath of our economy is now focused on selling one product to the one person who can afford it.

The timing of this video couldn't be any better. Just a few days ago, the main road in and out of Jackson, Teton Pass (WY state highway 22) experienced some crazy landslides and is currently closed without a hard date on when it will be reopened. There are roads around the pass, but they're more than an hour detour and even more terrible roads. He mentioned at the end of the video that a lot of working class people live in Driggs and Victor, ID, and therefore commute across the pass daily. With the pass offline, many people haven't been able to get to their jobs, and businesses in the town are struggling at the moment. There are plans to get busses to go around the pass to help commuters, but either way the town is having a crisis at the moment.

The "reward" is the fact that there are so few people.

Dang I'm going to Jackson in a few weeks for a conference but I thought Yellowstone was the only reason somewhere so far out was chosen. Didn't know there was so much else going on 😂

5:45 Billionaire running away from the hustle bustle they created in the modern city 😂

This type of video always makes me wonder, don't they have any conscience?

You appear to have missed mentioningbthe richest family in Jackson: the Rockefellers. The Rockefeller family donated over half of Grand Teton National Park to the federal government and still own the several-thousand acre Laurence Rockefeller Park and Preserve at the park's southern border.

It's because Jackson Hole is extremely pretty, has a really nice climate in the summer, and was nearly empty before the wealth moved in. The rest of the state is a hot, dry hellhole, and the whole thing turns into a frozen wasteland in the winter. You can go up in one of the central mountains and look down at hundred of miles of literal wasteland populated by little but sagebrush. The north-western corner is just different from the rest of the state. Source: My extended family lives in Green River and and uncle in Jackson Hole, and my dad's ex-girlfriend lives in Jackson in one of those 3M houses. However, he's leaving out the benefits. A lot of people make unusual money there, and many people started successful bougie businesses feeding on the wealthy. Note that the cost of living drops substantially with a 45m commute and that's little different from any metro area. It's just pretty difficult in the winter due to the ice and snow. Some of the mentioned 'towns' that may have to be abandoned are the places where you'd see highway population signs with triple, double, or even single digits. I will say one thing about conservation easements. Sooner or later they are going to need to be broken. Perpetual effect should not be allowed in modern times.

Driving the entire length of I-80, by far the most beautiful and breathtaking scenery is Wyoming.

We need to go back to a family based economy instead of a corporate based economy. In a free market there are no corporations because the government doesn’t charter corporations in a free market.

Wyoming also pays teachers much better than the surrounding mountain states of Colorado, Montana, Idaho and Utah. That’s why we moved here. We wanted a mountain state with higher pay and lower cost of living. And we were fortunate enough to find a beautiful place surrounded by pines that’s not in Teton or Lincoln County. Wyoming is a big state and there’s a lot of hidden gems. You just have to look for them.

My GF worked beverage cart at a golf course in a similar situation as mentioned in the video and her wage was very low but after tips from wealthy golfers you can end up making 60-80k a year but this is in Georgia where you can golf year round. I’d imagine it’s not the same in Wyoming haha

The most obvious explanation for the wealthy migration to Wyoming is the tax incentives, to make it even better their migration is accepted by the locals who want little government interference.

I have watched many of your videos, including jet lag the game. I also grew up in Jackson and my parents and sister still continue to struggle to call Jackson Hole home... I fully know the struggles that many middle class feel within this town. I can only hope that as property taxes increase, and houses down the street sell for $2.5M+ we can retain our property. While it was interesting growing up with the Walton, DuPont, and Koncak children, it's also disappointing seeing the valley become unaffordable to all but the most wealthy individuals. Growing up i always heard, Aspen is for people who make the cover of "People" magazine while Jackson is for people who make make the cover of "Forbes" magazine...ie. Aspen is for people who want their wealth to be known while Jackson is for people who don't.. You also mentioned instate Wyoming tuition, without mentioning the Hathaway scholarship (basically a full scholarship for instate students with a HS GPA of 3.5+... partial for 3.0 and 2.5 students) funded by oil money. This video also fails to mention that, because of that oil money, Wyoming continues to be one two states in the nation to be in the black financially. Overall I do feel this video describes the local struggles without actually interviewing those who live through the hardships and tribulations directly.

Showing a backdrop of possibly the most gorgeous mountain backdrop on earth while simultaneously asking why this area is so wealthy is hilarious to me.

Everyone complaining about a wealth gap but never mentioned the skill, risk, initiative, or effort gap.

This weekend there was a huge landslide on the Teton Pass blocking the crucial access for workers in to the Jackson region. Going to be really interesting to see what happens there.

4 minutes in and let me save you time as someone who’s been there. Jackson is one of the most beautiful places on the planet. You’re right there at the Teton mountains and like a few hours away from Yellowstone. There’s no place like it on the planet and definitely no place like it in America. There’s literally a highway that takes you in that’s like a 10/10 where you ride right next to the most jagged peaks in America as you ride past the Teton mountains, truly incredible.

Elysium society, Rocky Mountain style.

Wonder what happens when they've fully priced out not just hospitality industry employees, but also the people doing the basic public service jobs that keep a community functional, like the trash collectors and the county road department. Guess they'll find out soon enough if they don't course-correct.

Did Wendover cause the Teton pass road collapse and then drop this video to prevent its reconstruction? Good man

Funny timing for that "treacherous Teton Pass" line.

The ultra rich aren’t the only thing driving Wyoming’s wealth. The state has had a lot of good paying jobs in the energy sector for the past 60+ years. This has worked out well for a lot of long time residents, as they grew up in the oil industry are able to pursue in demand, high paying jobs in states like North Dakota and Texas while still enjoying the tax benefits of living in Wyoming.

As a resident of Wyoming but not 22 (Teton) county, most of us don’t really claim Jackson as being part of Wyoming beyond geography. It’s become a playground for the ultra-wealthy where they can cosplay as mountain men while the people who work in the service industry sleep in tents outside or drive from Idaho. Whenever there’s a vote on converting a closed hotel or office into affordable housing the locals ban together to shut it down in the name of “protecting Jackson’s character.” You’d think the person making minimum wage to serve you your 26 dollar cheeseburger should maybe have a place to live, but not in Jackson. My parents liked Jackson in the late 80s, but like many of these comments have said. Millionaires are too “poor” to live there now. It’s a place for the ultra-wealthy to own their fourth house, claim residency for tax purposes but also only spend a few months or weeks a year there, and get to cosplay their outdoor fantasy.

lmao anyone remember mid 2010s when kanye was always there on his big farm? some wild moments, had the most random celebrities & half of LA flying out there 😂

This is BONKERS. Great reporting work

Teton in french (téton) litterally mean breast. This video was pure gold.

I was visiting family who worked with the Park Service in Jackson Hole in 1991 and even then, it was SUPER different than it looks like now. The biggest new thing was a TCBY.

My father was stationed in Wyoming (military) early in his career, and he STILL talks about how much he hated it there 😂😂 it’s been over 30 years

15.50 an hour plus free housing and other benefits is still WAY more than minimum wage workers in almost any other part of the country. Very few states have more than $15 minimum wage, and those that do, social housing costs quite a bit more than “free”. So while I do agree in general the working class need a living wage, the people here seem to be doing far better than most. BYW did you factor in the housing benefit to the 47000 number?

Because nobody else can afford to live there and the unspoilt land is a luxury only the wealthiest among us can afford

Teton pass is now closed indefinitely because of a landslide so now service workers from Idaho have no way to get to Jackson besides an hour + detour.

Fascinating! I always knew about the differences in wealth between Wyoming and the other states in the US, but I never fully understood the reasons. I should've known between tax avoidance mining, and oil drilling and the preserved natural landscapes, and the national parks, that explains so much! Thanks for another fascinating and awesome video Sam, Ben, Adam & the whole Wendover/HAI team! -Caleb 😎

I am not even an American but I like how you give good context on history, geography, governance structures while explaining such trends. Very well presented content as always !

I’ve been to Grand Teton, it’s such a beautiful national park, on one hike we both encountered Moose, a grizzly bear, a black bear and a couple of bald eagles on a nest. Very cool

I cannot understand why rich people are happy to pay hundreds of dollars for food or wine but do not want to pay workers more than the absolut minimum they have to pay....

No Wendover, things are not expensive in Teton because there are wealthy living there. Go ANYWHERE in Wyoming and things are as expensive where there are no wealthy. Your lack of understanding of Economics shows.

Billionaires won't tell you this but being a financial burden on their poorest neighbors is their strongest skill.

Makes sense really. Needing to be close enough to a big city so I can work 40h+ a week is the only thing keeping me from moving out into the middle of nowhere.

Pretty sure one thing you won’t read in these comments is an actual service worker from Jackson Hole whining about all the evil billionaires they’re forced to wait on . . .

Bozeman, MT has a similar issue. Would love to see a follow-up on the rush for Montana.

I imagine college students and wondering hospitality professionals work in Teton County during the summer. That was my experience when i worked at Jackson Lake Lodge in the summer of '79.

Oddly enough poor Americans protect them

I haven’t watch this video yet, but my guess is Jackson hole.

Im from idaho falls(very close to jackson) and this is true for the most part but you missed one thing about Wyoming, being cattle. Wyoming also produces a lot of cattle.

SO they don't work for money, their money makes money, but then they gotta give donations so they got enough people who do work for money to fund their luxuries..... Man... lol

*Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..*

What's the tax rate and laws like in Wyo--oh. Oh. OHHHHH. . . Oh.

I lived in Wyoming for almost 4 years. I didn’t think I’d like it, but it grew on me. I met some of the most amazing people, and learned to love the little things. Definitely a place to go and visit

Tbh you can see the same phenomenon on a smaller scale with UK universities, who cater to rich international students over anyone local (so does the job market). This leads to typical university towns having rents on the level of London when they are in the middle of or north of england aka bumf**k nowhere for international viewers. Where rent used to be around 400 quid for a whole 2 bedroom house with a garden nowadays you can expect 750 quid for some shit room in a uni housing block

Who wouldn't take a job that offers REE housing?

I worked in those coal mines... politics come and go, but there is over a thousand years of coal ready for use. And IF, we need more, all we have do is dig alittle further.

It is beautiful out there, and I enjoyed visiting. However, I can handle cold and snow, but I can’t handle cold, snow, and WIND.

Wyoming has 6 billionaires. Or 0.79% of America's Billionaires. I wouldn't claim "this is where the Billionaires go".

Unreal timing on this video with their highway recently collapsing

I remember going to Jackson every year when I was a kid until about 2010. Until then the town was so quiet and humdrum, they didn't even have traffic lights until a few years after.

Been to vail colorado, up in the mountains ,its a beautiful place , but man ,wyoming is on another level

Love the Breckenridge Colorado Pic at the end of the video

Remember, whenever someone is promoting environmental protection or other government regulations, there's going to be behind-the-scenes support from wealthy NIMBY people, and it's going to make things more expensive.

I approve of Monty Python references. Incidentally, you can attain higher speeds on DCC by increasing the track voltage.

Avoiding taxes avoiding the poors and isolating themselves from the rest of society

Cheyenne resident here. The city is actually closer to 100k because of of all the county enclaves and surrounding development. There is also a a ton of data centers here now and more being built. Lots more industry is moving in now. Don't move here though as the city is full of alcoholics and drugs because of covid. And yeah tons of rich people are here solely because of the lack of taxes. The state and cities also completely ignore lower wealth people in favor of the rich. There is also massive amounts of corruption and nepotism in every facet.

What I'm hearing is instead of working for $15 an hour, this person should open a low cost restaurant and won't have any competition.

Thanks, very good video.

Ironically the Teton Pass highway just collapsed a few days ago, cutting off access to the region for the countless workers who commute in every day.

It's insane to me how much state law varies, it's like each state is its' own country with its' own function sharing only a common language and a few cultural axioms