10 States Rich Americans Are Flocking To — Florida Is No. 1
Americans consider relocating to other states for a variety of reasons, from getting a new job to enhancing their quality of life. But for high earners, the mathematics of taxation often plays a big role. High earners often have their own businesses or a large amount of investments, two sources of income that don’t necessarily tie you to a specific state.
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With some states assessing double-digit tax rates and others charging nothing at all, it’s inevitable that at least some high earners will move to a more tax-friendly home. This simplistic observation is borne out by migration data, which shows a major influx of high-earning Americans into zero-tax states while high-tax states suffer outflows.
Here’s a look at where high earners flocked to, according to SmartAsset, with “high earner” defined as having a minimum of $200,000 in adjusted gross income.
Florida
Inflow of high-earner households: 46,874
Outflow of high-earner households: 17,103
Net migration: 29,771
Household income (AGI) for high earners moving in: $907,013
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Texas
Inflow of high-earner households: 25,931
Outflow of high-earner households: 17,671
Net migration: 8,260
Household income (AGI) for high earners moving in: $579,207
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North Carolina
Inflow of high-earner households: 13,430
Outflow of high-earner households: 7,638
Net migration: 5,792
Household income (AGI) for high earners moving in: $456,384
South Carolina
Inflow of high-earner households: 8,695
Outflow of high-earner households: 3,425
Net migration: 5,270
Household income (AGI) for high earners moving in: $501,205
Arizona
Inflow of high-earner households: 11,041
Outflow of high-earner households: 6,676
Net migration: 4,365
Household income (AGI) for high earners moving in: $561,112
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Tennessee
Inflow of high-earner households: 8,786
Outflow of high-earner households: 4,466
Net migration: 4,320
Household income (AGI) for high earners moving in: $586,256
Nevada
Inflow of high-earner households: 6,118
Outflow of high-earner households: 3,529
Net migration: 2,589
Household income (AGI) for high earners moving in: $845,035
Idaho
Inflow of high-earner households: 3,540
Outflow of high-earner households: 1,427
Net migration: 2,113
Household income (AGI) for high earners moving in: $494,497
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Colorado
Inflow of high-earner households: 10,026
Outflow of high-earner households: 8,623
Net migration: 1,403
Household income (AGI) for high earners moving in: $590,626
New Hampshire
Inflow of high-earner households: 2,981
Outflow of high-earner households: 1,877
Net migration: 1,104
Household income (AGI) for high earners moving in: $619,679
Gabrielle Olya contributed to the reporting for this article.
Data is sourced from SmartAsset and is accurate as of July 30, 2024.
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This article originally appeared on GOBankingRates.com: 10 States Rich Americans Are Flocking To — Florida Is No. 1