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.

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.

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.