The Age of Portable Money

I’ve been thinking a lot about how money moves — and how we still talk about it as if it doesn’t. It all started with a TikTok comment. Somebody asked, “When have rich people ever moved to avoid taxes?” I typed back a few examples — Eduardo Saverin to Singapore, the French actor Gérard Depardieu to Belgium, the wave of Californians to Texas — and before I knew it, I was deep in the rabbit hole of what economists call capital flight.

It’s the quiet migration that rewires everything. Cities still pretend they control wealth, but wealth learned how to walk. In the twentieth century, capital was heavy. Factories and banks were physical. You could trap it with paperwork. That’s how we ran 90-percent tax rates in the 1950s — because money couldn’t leave.

Now it can. And does. The second you make the rich uncomfortable, they don’t argue; they relocate. You can’t run 1950s taxes in a 2025 economy. You can’t play chicken with people who can teleport.

Take New York right now. With Zohran Mamdani elected mayor, talk of new taxes and rent freezes is driving the same professionals who fund the city to look for exits: Westchester, Jersey, Connecticut. These aren’t oligarchs — they’re the $400k-a-year scaffolding that holds the budget up. Lose enough of them and the math collapses.

We’ve turned taxation into courtship. Look at Amazon HQ2: Arlington and a dozen other cities groveling for the same HQ like contestants in an economic beauty pageant. Modern governments don’t tax the rich — they audition for them.

And it’s not ideology. It’s comfort. Make the princess-and-the-pea class uneasy and they’ll hop to somewhere cooler. The same dynamic drives gentrification: mayors won’t admit they want to bulldoze blight, so they build stadiums and call it “revitalization.” Nationals Park did it in D.C.; the Olympics do it every time. Prestige becomes a permit for displacement.

I don’t hate any of this. It’s just physics. Money follows comfort, and policy either acknowledges that or dies pretending otherwise. Charity is opt-in. Tax support is opt-out. And when cities forget that, they lose the people who keep the lights on.

It’s not the 19th century anymore. The steam still rises from the streets, but the power that once drove it has already left the city.