Continue Reading Below
Based on data provided by the IRS from the 2015 to 2016 tax year, a June 2019 SmartAsset study listed New York as the top state rich millennials are fleeing.
“Wealthy” or “rich” millennials were defined as those younger than 35 with a gross annual income of $100,000 or more. The data was compiled by deducting the number of affluent millennials leaving the state from the number of those moving in, which resulted in almost 5,000 departures for the year reviewed.
Other states wealthy millennials are leaving included Illinois, Virginia, Massachusetts and Pennsylvania, respectively.
And where are they heading, instead?
California topped the list, with a net inflow of 3,597 wealthy millennials into the state. They’re also moving to Washington State, Texas, Colorado and Florida.
“Rich millennials are moving to the coasts,” the survey noted. “Seven of the states in our top 10 are either on the East Coast or the West Coast. With Texas on the Gulf Coast, that makes Colorado and Tennessee the only landlocked states in the top 10.”
Overall, the Northeast was not a location well-to-do millennials wanted to live, the survey claimed.
“The Northeast isn’t popular with wealthy millennials,” it noted. “Save for New Jersey, which made the top 10, the Northeast isn’t a popular destination for the wealthy under 35. Five of the bottom 10 states (Connecticut, Maryland, Pennsylvania, Massachusetts, and New York), plus the District of Columbia, are located in the Northeastern region of the U.S.”