DENVER (KDVR) — It isn’t just the wealthy who came to Colorado in the last five years — it’s the young and wealthy.
Colorado had one of the nation’s largest influxes of wealthy movers in the last five years, particularly as the Americans reshuffled from expensive coastal metros to lower-tax, lower-expense locales in the early 2020s.
Colorado had the nation’s fourth-highest net income gain from migration from 2020 to 2021. It gained $8.6 billion in income from movers.
A good chunk of the high earners moving in were young. SmartAdvisor Match analyzed tax return data from 2021 to find which states gained and lost the most young and wealthy workers. Researchers classified young and wealthy as anyone between the ages of 26 and 35 who makes an annual income of $200,000 or more.
Colorado gained a net 754 of these individuals in 2021, the fourth-highest net gain of young, wealthy workers in the nation. Florida gained the most with 2,175, followed by Texas with 1,909 and New Jersey with 1,048.
The young and wealthy fled coastal metroplexes as they moved inland or south. New York lost more than anywhere else. The Empire State lost 5,062 of them in 2021. California lost 4,495, Illinois lost 952, and Massachusetts lost 565.