Wealthy Gen Z residents are leaving California: Here’s where they’re moving

A new SmartAsset study reveals that wealthy Generation Z individuals are leaving California at one of the highest rates in the country.

Researchers looked at tax returns filed in 2021 and 2022 from wealthy households with incomes of more than $200,000 per year and under the age of 26 to determine the ranking.

California was the ninth state to lose the most wealthy Gen Z residents to other destinations. A total of 899 wealthy Gen Z households moved out, while 847 households moved in.

The state also had a net loss of 52 households, according to 2021 and 2022 tax years, the latest information available.

According to the report, California has 9,379 Gen Z households earning $200,000 or more each year, comprising about 0.53% of all wealthy households in the state.

These 10 states lost the most high-earning Gen Z households:

1. Illinois
2. Washington
3. Massachusetts
4. New Jersey
5. Pennsylvania
6. Maryland
7. Connecticut
8. North Carolina
9. California
10. Michigan

These are the top 10 states wealthy Gen Z individuals are moving to:

1. New York
2. Florida
3. Tennessee
4. Colorado
5. Texas
6. Arizona
7. Mississippi
8. Nevada
9. Montana
10. Maine

The complete report can be viewed here.

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