Rich millennials moving to SC faster than most states. Here’s where they’re coming from most

Wealthy millennials are moving into South Carolina at one of the highest rates in the U.S., a new study shows.

SmartAsset, a personal finance website, reviewed recent tax returns filed by households in the 26 to 45 age range that earn more than $200,000 a year — classified as high earners by the IRS.

“These millennials in particular have more disposable income and economic freedom than their median counterparts, so their impact on local economies can be outsized,” a SmartAsset article on the report states. “When these wealthy millennials choose to move for job opportunities, lifestyle, family and other reasons, their disproportionate economic power also goes with them.”

SC millennial gains

South Carolina ranked sixth highest among states that have gained the most rich millennials, based on IRS data from the 2021 and 2022 tax years, the latest available. Here is a breakdown of the data on South Carolina in the report.

South Carolina

• Net gain of wealthy Millennial households: 1,068
• Wealthy Millennial inflow: 2,213
• Wealthy Millennial outflow: 1,145
• Total number of Millennial returns with income $200k+: 27,501
• Average AGI for wealthy Millennial households: $431,694
• Percent of wealthy households that are Millennials: 17.2%

10 states losing most rich millennials

Here are the 10 states where most of the rich millennials are coming from, according to SmartAsset.

1. California
2. New York
3. Illinois
4. Massachusetts
5. Pennsylvania
6. Minnesota
7. Louisiana
8. Washington
9. Michigan
10. Missouri

10 states gaining most rich millennials

Here are the 10 states where rich millennials are moving to the most.

1. Florida
2. Texas
3. North Carolina
4. Colorado
5. Tennessee
6. South Carolina
7. Georgia
8. Arizona
9. Idaho
10. Nevada

Patrick McCreless

The State

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Patrick McCreless is the Southeast service journalism editor for McClatchy, who leads and edits a team of six reporters in South Carolina, Georgia and Mississippi. The team writes about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.