![Rich People Are Moving Out Of New York State And Moving To These 5 States](http://townsquare.media/site/11/files/2022/08/attachment-GettyImages-89854656-1.jpg?w=980&q=75)
Rich People Are Moving Out Of New York State And Moving To These 5 States
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.
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?
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
4. North Carolina - 4,713
3. Arizona - 5,268
2. Texas - 5,356
1. Florida - 20,263
![106.5 WYRK logo](https://townsquare.media/site/10/files/2022/08/attachment-wyrkfm.png?w=100)
Here Are The Top 8 Insanely Rich People in New York State
These Are The 9 Richest Places To Live in New York State
Meet the 9 Black Billionaires in America, Members of a Rare Club
More From 106.5 WYRK
![Bank ATMs Not Working Today in New York State](http://townsquare.media/site/10/files/2024/07/attachment-GettyImages-2162329732.jpg?w=980&q=75)
![Massive, Fast Change in 2024 at Stations on New York State’s 90](http://townsquare.media/site/10/files/2024/01/attachment-GettyImages-1583215322.jpg?w=980&q=75)
![The Best National French Fry Day Deals Across New York](http://townsquare.media/site/10/files/2024/07/attachment-Untitled-design-2024-07-12T153826.056.jpg?w=980&q=75)
![Nearly $1,500 Average Check Coming to New York State Residents](http://townsquare.media/site/10/files/2024/06/attachment-GettyImages-1461142484.jpg?w=980&q=75)
![Sure-Fire Ways To Tell Someone From Buffalo Is Wealthy](http://townsquare.media/site/10/files/2024/02/attachment-Rich-Man-Buffalo-NY.jpg?w=980&q=75)
![Massive Explosion Rocks New York State Home](http://townsquare.media/site/10/files/2024/07/attachment-gettyimages-2153575356-594x594.jpg?w=980&q=75)
![Governor Hochul May Ban Cell Phones From New York Schools](http://townsquare.media/site/10/files/2024/07/attachment-GettyImages-1461142484.jpg?w=980&q=75)
![Voted Best Ice Cream Shop In Western New York](http://townsquare.media/site/10/files/2024/07/attachment-Untitled-design-2024-07-25T094025.801.jpg?w=980&q=75)