Onerous tax burdens for high net worth individuals in all four countries might be the obvious answer to why the mobile wealthy don't want to relocate to the region.

这四个国家都对拥有大量净资产的个人征收重税，这可能是流动富人不愿移居这一地区的一个显而易见的原因。

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Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

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Key questions: How much of your net worth is in tax-sheltered accounts (where capital losses are irrelevant)?

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This essentially calls for a minimum tax on high-net worth individuals, similar to the one Warren Buffett proposed in his op-ed to the Times last weekend, but as Silver correctly points out, the implementation of such a minimum tax would have an unintended consequence.

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