The Exodus of Young and Wealthy Californians: Where Are They Going?

A study by Smart Asset reveals that young and wealthy individuals in California, New York, and Illinois are leaving these states in favor of Florida, Texas, and New Jersey. California lost around 4,495 residents in the 26-35 age group earning at least $200,000 per year, while New York lost nearly 5,062 and Illinois lost 952. Florida emerged as the top destination, attracting 3,391 residents from this demographic. Despite the outflow, California and New York still have the highest number of wealthy young professionals compared to other states.