The North Carolina village where America’s wealthiest go to fly under the Radar

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illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: The small North Carolina village of Cashiers has become a quiet haven for some of America’s wealthiest individuals, including at least four billionaires
• Known for its low-key atmosphere, Cashiers offers a ‘no frills’ lifestyle where wealth is often understated, and its concentration of affluence places it among the wealthiest enclaves in the country

🔭 The context: Cashiers, a village known for its serene mountain views and private clubs, has attracted high-net-worth individuals seeking privacy and escape from the public eye
• The area’s discreet luxury contrasts with more ostentatious wealthy communities, offering residents a retreat where showing wealth is discouraged
• Despite the presence of billionaires, the town maintains a modest, unassuming vibe

🌍 Why it matters for the planet: This quiet enclave reflects broader trends in wealth migration, where the ultra-wealthy are choosing more secluded, less publicized locations for second homes or permanent residences
• The rising concentration of wealth in areas like Cashiers also underscores the growing divide between affluent communities and the broader population, which can have implications for local economies, real estate markets, and access to resources

⏭️ What's next: Cashiers' appeal to wealthy individuals is likely to continue, drawing more investment into local real estate and businesses
• The influx of high-net-worth residents may also lead to increased property values and potential shifts in the community’s demographics, which could bring both economic benefits and challenges for the region

💬 One quote: “People in Cashiers aren’t wearing sport coats. It’s not a place to be seen.” – Rob Palumbo, finance executive

📈 One stat: Cashiers has one of the highest concentrations of wealth in the United States, home to at least four billionaires

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