Since 2018, about 102,600 millionaires have left California, and about 61,400 Americans with at least seven figures have left New York. Florida added about 133,000 millionaires over the same period, while Texas added about 61,400. Data compiled from IRS, Federal Reserve, and state tax records tracks millionaire migration between states. The movement is concentrated from predominantly Democratic-run states to Republican ones, generally shifting from higher-tax, more regulated environments to lower-tax, fewer-regulation environments. From 2020 to 2024, Americans collectively worth around $500 billion changed state residence. Major outflows came from California, New York, and Illinois, while major inflows went to Florida, Texas, and Nevada. Millionaires have increased in nearly every state since 2018, with Kansas, Missouri, and North Dakota breaking even. California’s highest marginal income tax rate is 13.3%, contributing to outflows.
"Why is California in particular bleeding millionaires? Well, it does have the nation's highest marginal income tax rate, at 13.3%. California has lower rates on lower income brackets, but that is the rate you pay on the state's highest income bracket, which star"
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