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Phillips Avenue in Sioux Falls, South Dakota

Phillips Avenue in Sioux Falls, South Dakota

Photographer: Anders Melin/Bloomberg

The World’s Rich and Powerful Are Stashing $500 Billion in This Tax Haven

South Dakota has no members in the Bloomberg Billionaires Index of the world’s richest 500 people, yet it shelters some half a trillion dollars of wealth in trusts.

There’s no telling where the vast fortunes hide on tree-softened Phillips Avenue here in Sioux Falls. 

No billionaires in Brioni tuck into the gravy-drenched roast beef sandwich at the Diner. No dark-windowed Escalades cruise past the Child’s Play Store, where the owner sports a pin that proclaims her a “glow getter.”