Where Rich People Are Moving - 2019 Edition

Rich people are flocking to Florida. Of all U.S. states, the Sunshine State far and away has the greatest number of wealthy people moving there, particularly rich individuals over the age of 65. In general, states in the American South and West are popular destinations for the wealthy, as are tax-friendly states. On the other hand, states that aren't especially tax-friendly and that tend to have higher costs of living are losing more rich people than they're gaining. New York, the lowest-ranking state on our list, had a negative net inflow of wealthy individuals (-21,501), according to the latest IRS data.

To identify the states that have the highest number of rich people moving into them, we looked at the inflow and outflow of wealthy individuals in each state. To determine each state's net gain of rich people, we calculated netinflow, or the number of wealthy people moving to the state minus the total outflow of wealthy individuals. The Data and Methodology Section below details our data sources and how we ultimately created our rankings.

Key Findings

  • Tax-friendly states are popular destinations - Six of the states in the top 10 either have no income tax or a flat income tax. Many of the states in the bottom 10, including Maryland, New York, California, New Jersey and Connecticut, are known for being some of the least tax-friendly states in the U.S.
  • Wealthy people are migrating to the South and West - The states in our top 10 are located largely in the American South and West. The only exceptions are Washington and Oregon, which are in the Pacific Northwest. The states that ranked toward the bottom were largely in the Northeast, a region with a notoriously high cost of living.


  1. Florida

    Florida, a state well-known as the prime destination for 65-and-older retirees, has the highest number of wealthy individuals moving there by far. There was a net inflow of 31,145 wealthy individuals from 2015 to 2016, which is more than three times as much as the net inflow for Texas, the No. 2 state in our ranking. Roughly one-third of those individuals were 65 or older. The Sunshine State also has the highest percentage of tax returns with an adjusted gross income (AGI) greater than $100,000. Of the state's total tax returns, 2.50% were filed by the net inflow of new wealthy taxpayers.
  2. Texas

    Texas had an inflow of 8,950 wealthy individuals from 2015 to 2016. It's worth noting that Texas is one of several states on this list, alongside Florida, Washington and Nevada, that do not have not have a state income tax. While roughly 33.59% of Florida's wealthy newcomers are people age 65 and older, only 2.02% of the wealthy newcomers to Texas are in the same age group. Of the state's total wealthy tax returns, 0.50% were filed by the net inflow of wealthy newcomers to the state.
  3. North Carolina

    North Carolina saw a net inflow of 7,065 wealthy individuals settle in the state from 2015 to 2016. Some 1.20% of the state's total tax returns with an AGI of $100,000 or greater were filed by the net inflow of wealthy people moving to North Carolina. Though retirees age 65 and older comprise a far greater percentage of that net inflow, relatively large numbers of wealthy millennials have also moved to the Tar Heel State. There was a net inflow of 1,617 wealthy people age 65 and older and 786 wealthy people under the age of 35.
  4. South Carolina

    South Carolina has also seen an influx of wealthy individuals. From 2015 to 2016, the state had a net inflow of 6,627 wealthy individuals. Like North Carolina, this group skewed toward those aged 65-plus but also included a sizable number of rich millennials. Though the state ranks fourth overall in this study, it had the second highest percentage of wealthy tax returns. Of its total wealthy tax returns, 2.40% were filed by the net inflow of rich people to the state. Notably, South Carolina is one of only two states in our top five that have a state income tax that is not a flat tax.
  5. Arizona

    Arizona had a net inflow of 5,675 rich people in 2015-2016. A large portion of these individuals were 65 or older, with a net inflow of 2,295 rich retirees in this age group. More rich millennials left the state than moved there. From 2015 to 2016, 1.40% of Arizona's tax returns with an AGI of $100,000 or more were attributable to the net inflow of wealthy people who had recently moved to the state.
  6. Washington

    With a net inflow of 5,436 wealthy people in from 2015 to 2016, Washington State narrowly ranks below Arizona. Like three other states in our top 10, it does not have a state income tax. The state is particularly popular among rich millennials, with a net inflow of 1,920 people from that demographic group. Of Washington's total number of tax returns with an AGI of $100,000 or greater, 0.80% were filed by the net inflow of rich individuals.
  7. Colorado

    Despite the approximately 13,000 wealthy people who left the state, Colorado saw a net inflow of 4,178 rich individuals. The Centennial State is particularly popular among the rich who are under the age of 35. Of the state's total net inflow of rich people, 1,506 were millennials. The net inflow of wealthy individuals filed 0.90% of tax returns with an AGI of $100,000 or greater in the state from 2015 to 2016.
  8. Oregon

    There was a net inflow of 4,033 wealthy individuals to Oregon from 2015 to 2016. The net inflow of wealthy newcomers filed 1.40% of the state's total tax returns with an AGI of $100,000 or greater. Unlike wealthy migration in some of the other states in our top 10, wealthy migration in Oregon is not primarily driven by either 65-or-older retirees or millennials: 21.97% of the net inflow represents millennials, and 18.03% of the net inflow represents retirees age 65 or older.
  9. Tennessee

    Out of Tennessee's total wealthy tax returns, 1.00% were filed by the net inflow of rich people who moved to the state from 2015 to 2016. Tennessee had a net inflow of 3,582 rich people that year. Of that total, 390 were under the age of 35 and 460 were 65 or older.
  10. Nevada

    From 2015 to 2016, Nevada saw a net inflow of 2,105 wealthy individuals to the state. It is noteworthy that Nevada is one of four states in our top 10 that do not have a state income tax. The state is especially popular among rich retirees age 65 or older, with a net inflow of 702 rich people from that cohort within that time span. Out of the state's total wealthy tax returns, 1.20% were filed by the net inflow of rich people.

To determine which states rich people are moving to, we looked at data for all 50 states plus the District of Columbia and defined "rich" as individuals with an adjusted gross income (AGI) of $100,000 or more. We specifically examined two metrics:

  • Inflow of wealthy individuals: This is the number of wealthy individuals who moved into the state. Data comes from the IRS and is for calendar years 2015 and 2016.
  • Outflow of wealthy individuals: This is the number of wealthy individuals who moved out of the state. Data comes from the IRS and is for calendar years 2015 and 2016.

To rank the states, we compared the inflow of wealthy people to the outflow. More specifically, we looked at the net inflow of wealthy people (the inflow minus the outflow) to determine a state's net gain of rich people. We then ordered the states in descending order according to net inflow.

Tips for Increasing Your Wealth