Teton County is America’s Wealthiest Region With Unique Challenges on the Way

Teton County has maintained its position as the wealthiest county in the United States for two decades, with per capita incomes reaching a record $471,751 in 2023. This figure puts the average household income in Jackson Hole—a region with approximately 2.4 people per household—at an astonishing $1.13 million, far outpacing the rest of Wyoming. However, this “typical” household income remains an anomaly for many long-term residents of Teton County.

Jonathan Schechter, a Jackson Council Member and economist, highlighted this disparity in his Cothrive newsletter, noting that such high incomes were not reflective of most households in the area. He pointed out that the $53,082 increase in per capita income from 2022 alone was greater than the total per capita income in nearly half of U.S. counties. Schechter underscored the enormity of Teton County’s wealth by comparing its 2023 per capita income of $471,751 to the national average of $69,810. Even the second-richest county, Summit County in Utah, with a per capita income of $259,993, lags far behind at just 55% of Teton’s figure.

Schechter predicted that if this wealth trajectory continues, Teton County could soon surpass New York’s historical record of holding the nation’s highest per capita income for 19 consecutive years. He attributed part of Teton County’s meteoric rise to Wyoming’s tax and trust laws, which have been among the nation’s most favorable for wealthy residents. However, he emphasized that these laws alone don’t explain Teton’s unique position, as they apply equally to all 23 counties in Wyoming.

Another factor driving Teton’s extraordinary wealth is the rise of remote work. Advances in technology have enabled high-net-worth individuals to live and work from desirable locations with outdoor amenities, a trend accelerated by the COVID-19 pandemic. Schechter observed that eight of the top ten wealth-attracting counties in the U.S. share this characteristic, with Teton County leading the pack by a significant margin.

Yet, the influx of wealth has exposed structural challenges in Wyoming’s tax system. Schechter criticized the state’s outdated tax structure, which heavily relies on industries like agriculture, oil, and retail—economic pillars from the 1960s. He highlighted the stark contrast between real estate and sales taxes in Teton County. For instance, during the COVID years, real estate sales exceeded $5 billion, yet taxable sales were under $4 million. A cup of coffee costing $1 generates more state and local tax revenue than the purchase of a multi-million-dollar home, given Wyoming’s lack of real estate transfer taxes.

This tax system has left local governments ill-equipped to manage the demands of a wealthy, transient population. Many homes in Teton County serve as vacation properties or short-term rentals, limiting housing availability for essential workers like teachers, police officers, and service industry employees. Compounding the issue is the scarcity of private land, as 97.2% of Teton County’s land is publicly owned—the second-highest percentage in the U.S.

Schechter argued that the state’s approach to wealth attraction has failed to account for the economic pressures that accompany such rapid growth. Without tapping into the vast wealth flowing into Teton County, he warned, communities will struggle to address housing shortages and retain critical workers. Summing up the situation, Schechter described Wyoming as a “21st-century community with a 20th-century operating system.”

Have you read?
Richest Countries In Europe In 2024.
Most Attractive Countries To Private Equity, Venture Capital, and Hedge Fund Investors.
Revealed: Highest-paid news media executive in the United Kingdom.
Countries Leading the Way on Climate Change.
World’s Best Countries For Adventure Tourism.