High-income earners across the United States are moving, and their chosen destinations provide revealing insights into their lifestyle trends. According to new research conducted by MyEListing.com, Florida, Texas, and Arizona are seeing some of the largest net positive tax income migrations, with $12.4 billion, $10.7 billion, and $9.4 billion, respectively.
Other states seeing large influxes of wealth include, in order from greatest to least:
- Colorado;
- North Carolina;
- South Carolina;
- Tennessee;
- Utah; and
- Georgia.
Conversely, California, New York, and Illinois are seeing some of the largest outflows of wealth in the nation, with -$343.2 million, -$299.6 million, and -$141.7 million respectively, thanks to high tax rates and expensive costs of living.
Other states seeing large outflows of wealth include, from most to least:
- New Jersey;
- Massachusetts;
- Ohio;
- Pennsylvania;
- Michigan; and