Maybe wealthy people live in those places because the increased cost of living and taxation is more than compensated by the availability of talent and the opportunity cost of being around lots of people (and maybe lots of smart people).
Schools, employment opportunity, property value, local services, open space community feel. Those are the priorities for me. There is some give and take but the wealthy typically flock to these high tax areas as the cost benefit is readily apparent. Off hand, I don't know what my local taxes are.
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I'd imagine employment stuff matters less but the others probably matter. Boston is a central area for biotech/drug startups so that molded my thinking (I went to grad school in Boston). The emphasis there has been to shift to startups in dense areas and employment access is likely important.