Which U.S. states are losing the most wealthy residents?

California, New York, and Illinois consistently lead the IRS migration tables for both population and AGI loss. Over the past decade, New York and California each lost more than $100 billion in net adjusted gross income.

Which states are gaining the most high earners?

Florida and Texas are the dominant destinations, followed by Nevada, Tennessee, and other no-income-tax states. Since 2018, Florida has added roughly 133,000 millionaires and Texas roughly 61,400.

Do no-income-tax states really save you money?

For high earners, often substantially: for a top-bracket Californian, avoiding the 13.3% state rate on a $1 million gain could save around $133,000, though the actual figure depends on your individual circumstances. But these states recover revenue through higher property and sales taxes, so the honest comparison is total tax burden, not the income-tax headline.

What is the California Billionaire Tax Act?

A 2026 proposal to tax accumulated wealth, including out-of-state assets, using a January 1, 2026 residency snapshot. The Tax Foundation considers it highly vulnerable to constitutional challenge. Several billionaires reportedly relocated ahead of the cutoff.

Can a state stop a wealthy resident from leaving?

Not by preventing the move, but states can make it expensive and contested. High-tax states audit former residents aggressively, and clean exits generally require establishing genuine domicile elsewhere (often 183+ days of physical presence) with thorough documentation.

The Millionaire Tax Map: Which U.S. States Are Pushing Capital Out (and Where It Lands)

Published on: June 15, 2026

There is no border control between U.S. states. No customs, no visa, no exit interview. And that absence is precisely why the American experiment has become the world's clearest real-time laboratory for a single question every high-net-worth household eventually asks: what happens to wealth when you tax it harder?

The answer, written in a decade of IRS migration data, is that wealth moves. Quietly, legally, and at scale. Between 2015 and 2025, an exodus of residents cost New York and California more than