According to a new 2022 study, rich people are moving out of New York State at an alarming rate. SmartAsset.com studied where high-income households are moving to and from in the United States. Households are considered high-income earners if they make more than $200,000 per year. While they only make up a small percentage of tax filings - 7 percent across all 50 states and the District of Columbia - their impact on state budgets can be huge,

When a state loses more high-earning tax filers than it gains in a given year, tax revenues may decline and the state’s fiscal situation may worsen.

Photo by Serge Kutuzov on Unsplash
Photo by Serge Kutuzov on Unsplash
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New York saw a net outflow of nearly 20,000 high-earning households in 2020, more than any state in our study.

SmartAsset.com Key Findings From 2020:
- Eight of the states that have the highest numbers of rich people moving in are located in Sun Belt states.
- High-earners are moving to states with no income tax.
- D.C. is home to the largest proportion of high-earners. West Virginia has the smallest proportion of high-earners.

How Many Rich People Moved Out Of New York And Where Are Rich People Moving To?

Photo by Clay LeConey on Unsplash
Photo by Clay LeConey on Unsplash
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New York saw a net outflow of nearly 20,000 high-earning households in 2020, more than any state in our study. While the Empire State gained 9,650 such households, it lost a whopping 29,562 in the same year. California wasn’t far behind, losing a net figure of 19,229 high-earning filers.

These 5 States Had The Most High-Earners Moving To Them:

5. South Carolina - 3,967

Photo by Clint Patterson on Unsplash
Photo by Clint Patterson on Unsplash
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4. North Carolina - 4,713

Photo by Wes Hicks on Unsplash
Photo by Wes Hicks on Unsplash
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3. Arizona - 5,268

Photo by Christoph von Gellhorn on Unsplash
Photo by Christoph von Gellhorn on Unsplash
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2. Texas - 5,356

Photo by Vivian Arcidiacono on Unsplash
Photo by Vivian Arcidiacono on Unsplash
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1. Florida - 20,263

Photo by Denys Kostyuchenko on Unsplash
Photo by Denys Kostyuchenko on Unsplash
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