Reveal
The Center for Investigative Reporting and PRX
Inside America’s Race to Hide the World’s Money
SummaryThis episode of Reveal investigates the booming domestic trust industry, which has transformed the United States into a primary global destination for hiding assets. The hosts explore how wealthy individuals use trusts—legal mechanisms once reserved for the ultra-wealthy—to avoid taxes, protect assets from creditors, and maintain complete financial privacy. Through the story of entrepreneur Alessandro Chesar, the episode highlights the disparity between the sophisticated tools available to the rich and the financial realities faced by everyday Americans. Reporters Sally Hersch and Leah McGrath Goodman take listeners to Sioux Falls, South Dakota, an unlikely epicenter for this trillion-dollar industry. They reveal how states compete to enact the most lenient, secrecy-favoring laws to attract capital. Experts discuss how these practices, including perpetual trusts and structures that keep beneficiaries in the dark, contribute to extreme wealth inequality and complicate legal efforts to trace hidden funds. The episode paints a picture of a system where legal loopholes are actively cultivated to prevent the redistribution of wealth, ultimately questioning whether these secretive financial practices are fueling a new era of American aristocracy.
Updated Apr 12, 2026
About This Episode
Alessandro Chesser is a 40-year-old Silicon Valley entrepreneur. He’s married with two kids and was the first in his family to attend college. His grandfather immigrated from Sicily and worked as a school janitor so his family could have a better life.
Skip forward a few generations, and Chesser is noticing the way wealthy investors hide their money to avoid paying taxes. He’s outraged and wants to upend the tax system, which he thinks is unfair to the everyday American worker. In Chesser’s mind, the realistic solution isn’t to reform the tax code, but to make it easier for average Americans to access one of the best-kept secrets of the superrich: trusts.
Trusts have become big business in the US. They are now an industry worth trillions of dollars. But no one knows the exact number, because the trust industry is extraordinarily private. Trusts can last forever (literally), but there is no public registry for them. In fact, they are one of the main reasons why watchdog groups consider America to be the most secretive financial jurisdiction in the world.
This week on Reveal, journalists Sally Herships and Leah McGrath Goodman investigate America’s shadowland of trusts. As the nation’s wealth gap keeps growing—and Americans brace for Tax Day—we uncover what’s at stake as US states race to become the most trust-friendly jurisdictions in the world.
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