Why affluent millennials are ditching New York


New York state is hemorrhaging “rich millennials,” according to a new study that found that more wealthy young residents ditched the Empire State in one year than any other in the nation.

Some 4,867 under-35-year-olds with gross adjusted incomes of $100,000 or more fled New York between 2015 and 2016, according to an analysis of IRS data by the Web site SmartAsset.

“That is more than twice the number of rich millennials leaving Illinois, which has the second-largest decrease of rich millennials in our study,” said company rep Kara Gibson.

A majority of the well-heeled millennials headed west to California and Washington state — 3,597 and 1,920, respectively.

Texas, Colorado and Florida rounded out the top five destinations.

The study did not investigate motivations, or track where, specifically, former New Yorkers ended up.

But the West Coast’s booming tech industry is no doubt drawing the Big Apple’s talented techies, according to Levi Sanchez, founder of the Seattle-based financial-planning firm Millennial Wealth.

[Read More]