When high earners move, they take their money with them. And because their budgets are much larger than most of the population, they can have an outsized effect on the local economy. Thus, states that attract high-earning households can gain an economic advantage over others. Many factors can drive high earners to move across state borders, including business opportunities, tax incentives and other conveniences.
With this in mind, SmartAsset examined the latest IRS data to find where households earning $200,000 annually or more are moving.
To determine where high-earning households are moving, SmartAsset reviewed the latest IRS data, which comes from the 2021-2022 tax year. High-earning households as those with adjusted gross incomes of $200,000 or more. The inflow of qualifying households in each state were compared to the outflows to determine net migration of high-earning households. The average AGI for high-earning households who moved during this tax year was also examined for each segment.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.