The ultrawealthy have been exiting SF, LA, NYC, and Chicago for decades now. Not sure how many are left in those cities since every election cycle brings doom and gloom that the wealthy will abandon those states for sure, this time.
Nearly every single one has quietly crawled their way back into those respective cities. Agglomeration effects baby!
Listen, I am sure there is some level of taxation at which the rich will in fact decamp and go somewhere else, but empirically we are nowhere near it, nor does it appear that any of the mainstream proposals (either for increased high-bracket tax rates or wealth taxes) get anywhere near it.
For example, MA instituted a 4% surtax on all incomes over $1M and... and the population of payers actually increased 25% since instituting it[1].
[1] https://www.wbur.org/news/2025/04/28/massachusetts-millionai...
This was obviously going to happen when you have a static number and inflation keeps going up. Inflation between 2022 and 2025 has been huge. Perhaps not 25% huge, but a large part of this "growth of payers" is just due to inflation.
Heck the opposite is true - it's why high inflation is so despised, specifically because prices outrun income growth.
Their US factory was never profitable.