Most South Dakotans recognize agriculture and tourism as the state’s largest industries. But a U-S Bureau of Economic Analysis report shows finance and insurance account for the largest portion of the state’s GDP.
That industry made headlines earlier this month. An article from the Washington Post found tens of millions of dollars in international money is housed by trust companies in Sioux Falls. Some of that money is tied to companies accused of human rights abuses. But much of that money is held by wealthy people looking to avoid taxes.
British journalist Oliver Bullough wrote a book on these practices years before the Post article. He explains why South Dakota and other trust havens should think critically about the impact of this industry.
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