The Great Wealth Migration: The Flow of High-Income Earners Across States
High-income earners are moving, and the data on where exactly they're going provides eye-opening insights into the current lifestyle trends of the wealthy. In this analysis, we dive into the intriguing dynamics of wealth migration within the United States, shedding light on the states attracting high-income earners and witnessing an outflow of such wealth.
We've ranked U.S. states based on their net income migration, a critical economic indicator reflecting the movement of high-income earners. This measure culminates several factors, including tax laws, economic prospects, and lifestyle offerings, that collectively sway where high-income earners reside.
States With the Largest Net Positive Tax Income Migration
Here are the states with the most significant net positive inflow of wealth ranked.
Ranking State Net Income Migration
1 Florida $12.4 billion
2 Texas $10.7 billion
3 Arizona $9.4 billion
4 Colorado $8.6 billion
5 North Carolina $7.8 billion
6 South Carolina $7.2 billion
7 Tennessee $6.9 billion
8 Utah $6.7 billion
9 Georgia $6.6 billion
Let's look at states with the largest net negative tax migration next.
States With the Largest Net Negative Tax Income Migration
Here are the states with the most significant net negative outflow of wealth ranked.
Ranking State Net Income Migration
1 California -$343.2 million
2 New York -$299.6 million
3 Illinois -$141.7 million
4 New Jersey -$135 million
5 Massachusetts -$129 million
6 Ohio -$122 million
7 Pennsylvania -$119 million
8 Michigan -$117 million
9 Indiana -$115 million