NEW YORK (1010 WINS) – Rich millennials are abandoning New York more than any other state, according to a new study.
The study by SmartAsset ranked all 50 states based on how many rich millennials were moving out versus moving in.
The study defined a rich millennial as someone under 35 who has an adjusted gross income of $100,000 or more. It used IRS data from 2015 to 2016.
It turns out wealthy people under the age of 35 are leaving the state in droves, with a net outflow of 4,867 between 2015 and 2016. Approximately 10,048 well-heeled young people moved into the state, but 14,915 moved out.
New York had more than double the number of wealthy millennials leave than Illinois, which saw the second biggest loss of that demographic, with a net outflow of 2,248.
The state that's attracting the wealthiest millennials? It's California, with a net inflow of 3,597. Washington and Texas were second and third, respectively.
The Northeast in general isn't popular with wealthy millennials, according to the study. The only state in the region that made the top 10 was New Jersey, with a net inflow of 346 people... and they probably came from New York.
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