Overview

• A recent SmartAsset analysis reveals that wealthy millennials are leaving California and New York in large numbers.
• California experienced a net loss of 9,181 wealthy millennial households, while New York saw a net loss of 4,251.
• Florida and Texas have gained the most, with net increases of 6,188 and 5,151 wealthy millennial households, respectively.
• The high cost of living, taxes, and regulatory environments in California and New York are driving these relocations.
• The migration of high-earning millennials is expected to have significant economic impacts on both the states they leave and those they move to.