High earners have a lot of options if they decide to relocate. In fact, the richest of them can move pretty much wherever they please.
Recently, SmartAsset worked to uncover the states where America’s wealthiest folks are moving in droves. When rich people move into a place, they often have an outsized — and positive — impact on their new state’s fortunes, SmartAsset notes.
Based on IRS data from the 2021-2022 tax year, these are the states that are attracting the most households that earn $200,000 or more.
1. Florida
This state’s net gain of high-earning households: 29,771 (which reflects 46,874 such households that moved into the state and 17,103 that moved out)
In recent years, it has seemed like everyone wants to move to Florida. That includes a lot of rich folks.
If you are on the fence about joining them, check out “11 Lesser-Known Reasons Older Americans Still Flock to Florida for Retirement.”
2. Texas
This state’s net gain of high-earning households: 8,260 (which reflects 25,931 such households that moved into the state and 17,671 that moved out)
Nobody ever does anything small in Texas, so people with big incomes should feel welcome here.
One notable perk for residents of Texas: There’s no state income tax.
3. North Carolina
This state’s net gain of high-earning households: 5,792 (which reflects 13,430 such households that moved into the state and 7,638 that moved out)
Not every wealthy person who moves from a northern state to Florida ends up in love with the Sunshine State.
Some of these transplants eventually regret their decision. Instead of returning all the way north, many of these folks end up in North Carolina. The trend is so well-established that there is a nickname for these new Carolina residents — halfbacks.
The rest of the list
Other states that round out the top 10 of those with the largest net gains in wealthy residents are:
- South Carolina (5,270)
- Arizona (4,365)
- Tennessee (4,320)
- Nevada (2,589)
- Idaho (2,113)
- Colorado (1,403)
- New Hampshire (1,104)
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