America’s millionaires are still reshuffling their ZIP codes, and the latest migration data suggest the biggest winners are the same tax-friendly, lower-cost states that have led the trend for years. The broadest official benchmark used in this report is the IRS’s migration series, which tracks year-to-year address changes on individual tax returns. The agency says the data measure inflows and outflows by state and county and include adjusted gross income, making them especially useful for spotting where taxable wealth is moving.
America’s Millionaires Migration Map Shows the Best Cities
While the post-pandemic rush has cooled, the flow of high-income households is still tilting toward Florida, Texas, and other Sun Belt markets. In 2023, Florida led all states with $20.6 billion in net adjusted gross income from interstate movers, according to the IRS-based analysis. Texas followed with $5.5 billion, then South Carolina with $4.1 billion, North Carolina with $3.9 billion, Tennessee with $2.8 billion, and Nevada with $1.5 billion.
Over a longer period, the same pattern becomes even clearer. Miami Realtors’ analysis of IRS migration data showed Florida collected $137.0 billion in net income from domestic migration between 2019 and 2023, far ahead of every other US state. Texas was a distant second at $36.8 billion, followed by North Carolina at $19.5 billion, Arizona at $19.4 billion, South Carolina at $19.2 billion, Tennessee at $16.1 billion, and Nevada at $13.9 billion.
A separate analysis of the latest IRS migration data showed that Florida gained $20.6 billion in adjusted gross income from domestic movers in the 2022–2023 filing data, while California lost $11.9 billion, New York lost $9.9 billion, Illinois lost $6.0 billion, Massachusetts lost $4.0 billion and New Jersey lost $2.6 billion.
The reason for the migration of these American millionaires toward the same states as always is simple. First is taxes. For affluent families, the difference between zero state income tax and a top marginal rate above 10% can be enormous, so this state tax angle is hard to ignore. For example, Florida, Texas, Tennessee, Nevada, and Wyoming do not levy a state individual income tax, while states like California and New York continue to carry some of the highest top marginal rates in the country. For these wealthy households, even a small percentage difference can translate into six- or seven-figure annual tax savings.
Second, housing. States such as Florida, Texas, the Carolinas and parts of the Mountain West have generally offered more new supply and lower carrying costs than California, New York, or Massachusetts. Third, flexibility. Remote and hybrid work has made it easier for owners, founders, and investors to live farther from headquarters without losing access to high-paying opportunities.
So far, New York and California remain home to enormous concentrations of wealth and continue attracting entrepreneurs and investors from around the world. However, some affluent residents have sought alternative locations offering lower taxes and different lifestyle advantages.
What The Millionaire Migration Patterns Say About America
The scale of the national millionaires’ base also shows why these moves matter. UBS states that America added more than 379,000 new dollar millionaires in 2024, or roughly 1,000 a day, and now holds almost 24 million of them, about 39.7% of the world's total. Henley & Partners likewise said the US remains the world’s biggest millionaire hub, with New York City, the Bay Area, Los Angeles, Chicago, Houston and Dallas among the top wealth centers.
These regions attracting affluent residents frequently experience increased demand for real estate, financial services, luxury retail, and infrastructure investment. Wealthier households tend to move with their businesses, investment teams, and professional advisers, which can multiply the economic impact well beyond one household. When a million-dollar earner relocates, the destination state gains income tax revenue where applicable, more spending power, and often a stronger demand for luxury housing and private services.
For policymakers, the movement of millionaires highlights the importance of competitive tax structures, economic development initiatives, and quality-of-life investments. Ultimately, where these American millionaires choose to relocate may serve as an indicator of broader economic trends. Their decisions influence housing markets, business investment, and regional development across America, making wealth migration one of the most consequential demographic shifts shaping the country's economic landscape.