Advertiser Disclosure

Wealthy Americans Are Fleeing From These 10 States

August 29, 2024

3 min Read

Written by Gabrielle Olya

Edited by Laura Bogart

The photo shows a high-angle shot of a modern city skyline with skyscrapers and luxury apartments. The scene captures a bustling city known for its affluent residents and business opportunities. The camera lens used is a wide-angle lens to capture the vast urban landscape, highlighting the wealth and prosperity associated with the city.

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 YearsHelping You Live Richer

Reviewed by Experts

Trusted by Millions of Readers

Many wealthy Americans are self-employed business owners who have the freedom to live wherever they choose — especially in an increasingly digital world. If they’re not tethered to a particular place, these Americans can choose to relocate for business incentives, tax benefits or simply for a better quality of life.

To find the states wealthy Americans — defined as households earning $200,000 annually or more — are leaving, SmartAsset examined the latest IRS data. Here are the top places the wealthy are moving out of.

California

Net inflow of high-earning households: -24,670
Number of $200K+ households moved in: 24,205
Number of $200K+ households moved out: 48,875

New York

Net inflow of high-earning households: -12,040
Number of $200K+ households moved in: 17,829
Number of $200K+ households moved out: 29,869

Illinois

Net inflow of high-earning households: -9,292
Number of $200K+ households moved in: 7,071
Number of $200K+ households moved out: 16,363

Massachusetts

Net inflow of high-earning households: -4,392
Number of $200K+ households moved in: 7,418
Number of $200K+ households moved out: 11,810

New Jersey

Net inflow of high-earning households: -3,863
Number of $200K+ households moved in: 11,798
Number of $200K+ households moved out: 15,661

Pennsylvania

Net inflow of high-earning households: -2,417
Number of $200K+ households moved in: 8,533
Number of $200K+ households moved out: 10,950

Maryland

Net inflow of high-earning households: -2,375
Number of $200K+ households moved in: 6,300
Number of $200K+ households moved out: 8,675

Virginia

Net inflow of high-earning households: -2,375
Number of $200K+ households moved in: 10,316
Number of $200K+ households moved out: 12,691

Minnesota

Net inflow of high-earning households: -1,784
Number of $200K+ households moved in: 3,145
Number of $200K+ households moved out: 4,929

Washington

Net inflow of high-earning households: -1,579
Number of $200K+ households moved in: 11,814
Number of $200K+ households moved out: 13,393

Data is sourced from SmartAsset and is accurate as of July 30, 2024.

More From GOBankingRates

BEFORE YOU GO

See Today's Best
Banking Offers