Comparatively, New York state has more rich young people than most.  But they certainly aren't staying here.

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Today I read an interesting article about how quickly our rich young professionals are leaving New York State. As a dad of two young kids that I hope will someday be described as rich and young, it's pretty scary to see how quickly they're leaving here to go somewhere else.

 

A couple weeks ago, Tyreek Hill from the Miami Dolphins made a comment that the reason he didn't become a New York Jet was the taxes in New York State.  It looks like other young professionals agree with him.

This study focused on people who are younger than age 35 with adjusted gross incomes (AGIs) of at least $100,000.  It showed that while most people their age (80%) stayed close to where they grew up, New York is losing what they call "Rich Young Professionals" faster than any other state.

How Many Rich Young Professionals Are Leaving?

The study was done by the Census Bureau at Harvard University and it found that about 28,700 rich young professionals left New York between 2019 and 2020 while fewer than 13,000 moved there.  That's a net loss of around 15,800 high-earning young professionals.  The only other state that was even close to that number was California.  They were second on the list with a net loss of 7,960 rich young professionals. But California also had 7,000 more moving into their state than New York did.

Where are they going?

If they aren't staying here, where are they going?  According to the study, they're heading mostly to Texas.  They saw a net inflow of rich young professionals of 3,800 (15,000 in and 11,200 out).

Florida and Washington also had big gains with young people.

Why are they going to those states?

Everyone has their own reasons for leaving.  Is the grass really greener on the other side?  You would assume that it is.  With no personal income tax in the two states where the young people are going the most, it's easy to say that they're leaving for economic reasons.  They'll save more of their money in those states.

As much as we hate to see them go, who can blame them?

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