More high-income earners are flocking to Texas than nearly any other state, according to a recent study by SmartAsset.
The Lone Star State was ranked second, right behind Florida, for the highest net inflow of high-income households during the 2021-2022 tax year, according to tax records analyzed in the study.
SmartAsset defines “high-income households” as those that earn at least $200,000 annually. Researchers used data from the IRS to compare the inflow and outflow of high-earning households in each state to determine the survey results.
Florida led the rankings by a landslide with a 29,771 net inflow of high-earning households. The average high-earning household income for high earners moving into Florida was a whopping $907,013.
Throughout 2021-2022, Texas gained 25,931 high-earning households, while 17,671 high-earning households moved out of the state, giving Texas a net inflow of 8,260 high-earning households.
The average household salary of high-income earners moving into Texas was $579,207, while the average household income for those moving out was $370,986.
North Carolina took third place after Texas, followed by South Carolina, Arizona, Tennessee, Nevada, Idaho, Colorado, and New Hampshire, which took tenth.
California saw the greatest deficit of high-income households, losing 48,875 high-earning homeowners throughout the survey period while gaining only 24,205, for a net loss of 24,670. The average high-earning household leaving California earned $1,303,439, and the average high-earning household moving into California earned $638,597.
New York, Illinois, Massachusetts, and New Jersey also saw more high-earners moving out of their states than into them.
Despite New York ranking second for the most high-earning households leaving the state, the Big Apple still holds the title of the wealthiest city in the country, with around 349,500 millionaires calling it home. Of those, 744 are centi-millionaires, and 60 are billionaires, according to the USA Wealth Report 2024 by Henley and Partners.
Texas has seen an influx of millionaires in recent years. In March, The Dallas Express reported that Dallas was crowned one of America’s wealthiest cities. It is home to 68,600 millionaires, ranking it the sixth wealthiest city in America, according to the Wealth Report.
The number of Dallas residents with a net worth of $1 million or more has swelled 75% in the past decade. Among the Dallas residents who have reached millionaire status, 125 are centi-millionaires and 15 are billionaires.