Pierce McDowell at South Dakota Trust in Sioux Falls poses next to a 1934 news clipping from when a notorious gang robbed the bank where his grandfather worked. As much as anyone, McDowell can take credit for transforming South Dakota into the Bermuda of the prairie: In just four years, the amount of money administered by such state trust companies has tripled to $121 billion, almost all of it from out of state. (Bloomberg News photo by Zachary R. Mider)
The rich and their trust funds benefit from SD addresses
Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls.
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