Where Are The Wealthy Moving? Money Trail Leads To Florida

A book, “How Money Walks,” indicates that more wealth has migrated to the state of Florida, than any other state in America during the last two decades. Also, the amount of money moving to Florida beats other states by a huge margin — more than three times as much as the next runner up (Arizona). Why do the wealthy choose Florida? Read more…

WEALTH MIGRATION: "How Money Walks." Money Trail Leads to Florida, #1 Relocation State
WEALTH MIGRATION: “How Money Walks.” Money Trail Leads to Florida

Some people lessen their tax burden by picking up and moving to another state. Reportedly, Florida has been the top destination of these “fiscal immigrants.”

In the news lately is the story of wealth migration in the United States. Author, Travis H. Brown, has indicated that more wealth has migrated to the state of Florida, than any other state in America during 1992-2010. Also, it appears that the amount of money moving to Florida beats other states by a huge margin — more than three times as much as the next runner up (Arizona).

This data has been brought into the spotlight by “How Money Walks,” a book by Mr. Brown published in 2013 about where the wealthy are moving their “working wealth.” During the nearly two decade period ending in 2010, people have been leaving high tax states for low tax states, and Florida is the #1 beneficiary of this trend. (The source of the data is the IRS and US Census Bureau, latest data available through 2010).

WHY THE WEALTHY CHOOSE FLORIDA?

There’s no personal income tax in Florida, a compelling lure to relocate to the Sunshine State, above and beyond the obvious lifestyle benefits of year round mild climate and beautiful beaches. Plus, Florida is considered one of the more business-friendly states (less regulated), with a low 5.5% corporate income tax rate, attracting corporations as well as small business entrepreneurs to the southern peninsula, first discovered by Spanish explorers in 1513.

In fact, this year is “Viva Florida,” a celebration of 500th anniversary of the discovery of “La Florida” by Spanish explorer, Juan Ponce de Leon. Five centuries later, the wealthy have chosen to land here, too, making it “home sweet home.”

At the doorway to Florida in the northeast is Nassau County and Amelia Island. For those considering a relocation to Florida, ring the doorbell and take a look at this rural county in the Sunshine State. There are lots of happy “transplants” here.

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