Citibank, which was at one time the largest bank holding company in the United States, established national banking operations in South Dakota in 1981 to take advantage of favorable banking regulations. Today the trust fund industry manages hundreds of billions of dollars and is known as tax haven for foreigners. Government spending is another important segment of the state's economy, providing over ten percent of the gross state product. Ellsworth Air Force Base, near Rapid City, is the second-largest single employer in the state.
South Dakota is an interesting place indeed.
Citibank, which was at one time the largest bank holding company in the United States, established national banking operations in South Dakota in 1981 to take advantage of favorable banking regulations. Today the trust fund industry manages hundreds of billions of dollars and is known as tax haven for foreigners. Government spending is another important segment of the state's economy, providing over ten percent of the gross state product. Ellsworth Air Force Base, near Rapid City, is the second-largest single employer in the state.
from wiki