Young and wealthy residents who once called California home have been packing up and moving to other states like Florida and Texas, according to a new study from Smart Asset.
The study found that the Golden State, New York and Illinois are among the places that lost the most young professionals — those aged between 26 to 35 and make at least $200,000 a year nationwide.
In California, about 4,495 people who are young and rich left the state; in New York, almost 5,062 left and 952 people from the demographic left Illinois.
New York ranked last on the list, meaning it lost the most residents from the demographic.
Researchers at the financial website analyzed the most recent publicly available IRS data from 2021 to determine which states lost the most residents.
The study found that those people chose to move to Florida, Texas and New Jersey the most, with the Sunshine State taking the top spot.
About 3,391 residents moved to Florida during the time frame researchers looked at.
While California lost many residents in the young and rich demographic, it also gained some new Californians, with about 5,000 people moving to the state.
Despite the loss, California and New York still have the highest number of wealthy young professionals — more than any other states, according to the study.
