Gay Cororaton, Chief Economist
Key Takeaways:
- Palm Beach County is #1 in the nation with largest net flow of income due to domestic migration totaling $22.7 in total from 2019-2023.
- Florida is the #1 state with largest net income inflow due to domestic migration totaling $137 billion during 2019-2023.
- Florida is #2 in the nation for number of millionaires (77,760), more than New York (69,780) and Texas (73,930) based on the latest 2022 tax year individual income returns.
Download the Analysis of Income Flows Due to Domestic Migration in 2019-2023 Report HERE.
Palm Beach County: $22.7 Billion in Net Income Inflow from Domestic Migration in 2019-2023
Palm Beach County remains at the epicenter of wealth migration, holding its #1 spot in the nation with the largest net flow of income due to domestic (within US) migration, according to Miami Association of Realtors® (MIAMI) analysis of the recently released IRS migration data for 2022-2023.
Over the period 2019 -2023, Palm Beach County had a net income (AGI) inflow of $22.7 billion due to domestic (within US) migration.
In 2023, net income inflow totaled $3.04 billion, with $7.07 billion in inflow and $4.03 billion in outflow from domestic (within US) migration flows. There was a net inflow even with slightly fewer tax filers who moved in (39,704) compared to those who moved out (40,922) because those who moved in had higher incomes than those who moved out.
In 2023, the average income of tax filers who moved to Palm Beach County was $178,085 which is more than double the average income of tax filers who moved out at $98,527 in the new place of residence. Out-of-state movers had the highest average income at $244,700.
Within Florida, the top origin of tax filers who moved to Palm Beach County was Broward County, with a gross inflow of 7,488 and a net inflow of 1,807 tax filers.
The top out-of-state movers were from from counties in the state of New York: Nassau County (959), New York County (734), and Suffolk County (732).
Florida: #1 State in Net Income Inflow from Domestic Migration of $137 Billion in 2019-2023
At the state level, Florida had outsized net income inflow from domestic migration compared to other states. Over the 5-year period from 2019-2023, Florida gained a staggering total net income inflow of $137.0 billion from domestic migration at the state level. Far behind with at least $10 billion in net inflows were Texas ($36.8 billion), North Carolina ($19.5 billion), Arizona ($19.4 billion), South Carolina ($19.2 billion), Tennessee ($16.1 billion), and Nevada ($13.9 billion).
In 2023, Florida held the top spot with the largest net income (adjusted gross income or AGI) inflow of $20.65 billion from domestic (within US) migration. Other states with at least $1 billion in net income inflow but far behind were Texas ($5.5 billion), South Carolina ($4.1 billion), North Carolina ($3.9 billion), Tennessee ($2.8 billion), and Nevada ($1.5 billion).
In 2023, Florida held the top spot with the largest net income (adjusted gross income or AGI) inflow of $20.65 billion from domestic (within US) migration based on tax returns filed in 2022-2023.
Florida attracts more high-income earners than any other state. In 2023, the average income (AGI) in Florida of tax filers who lived in another state in the prior year was $122,530, the highest among all US states. The other states where the average income of out-of-state movers in the current state was over $100,000 were Connecticut ($100,822), New Hampshire ($109,000), and New Jersey ($102,190).
California, New York, and Illinois: Largest Net Income Outflows from Domestic Migration from 2019-2023
On the opposite end, over the period 2019-2023, California led all states with the largest net income outflow (-$91.4 billion), followed by New York (-$76.7 billion), Illinois (-$41.1 billion), with a total net income outflow of $209 billion. Other states with at least $10 billion in net income outflows over the 5-year period were New Jersey (-$17.1 billion), Massachusetts (-$16.2 billion), and Maryland (-$10.1 billion).
In 2023, California (-$11.9 billion), New York (-$9.9 billion), Illinois (-$6.0 billion), Massachusetts (-$4.02 billion), and New Jersey (-$2.56 billion) had the largest net income outflows from domestic migration.
One reason for the large outmigration in these states is an uncompetitive tax environment. According to the Tax Foundation’s 2026 Tax Competitiveness Ranking, California is #48 , New York is #50, Illinois is #38, New Jersey is #49 and Massachusetts is #43. Florida is #5 overall and #1 in individual income taxation competitiveness.
Florida is #2 in the Nation for Most Millionaires, Overtaking New York and Texas
Driven by a robust economy and a favorable tax environment, Florida finally overtook New York and Texas in the number of tax filers who reported an adjusted gross income of $1 million, according to Miami Association of Realtors® (MIAMI) analysis of the IRS individual income tax data report through tax years 2022 filed in 2023.
In tax year 2022, Florida had 77,760 millionaires, with 5,980 more millionaire tax filers compared to 2021.
Texas had 73,930 tax returns, with an increase of just 1,050 millionaire tax filers.
On the other hand, California saw a 27,120 drop in the number of tax returns that reported an AGI of $1 million or more, although California still has the most millionaire tax filers, at 128,900.
New York also saw a decline in the number of millionaire tax filers, falling to 69,780 in the tax year 2022.
