Minnesota's 'High Earners' Fled The State In 2021: Study

MINNEAPOLIS — Minnesota was among the states that "high earners" fled from in 2021, according to a new study.

A total of 4,068 households making $200,000 or more left Minnesota that year and only 2,615 moved here, creating a net migration loss of 1,453, reads a report from SmartAsset.

SmartAsset says tax rates — or lack thereof — are among the biggest factors in the trends in wealthy households moving to states in the southeast.

"Just as in last year’s study, no state saw a larger influx of high-earning households than Florida. The Sunshine State gained 40,134 households earning at least $200,000 per year and only lost 12,567," the study said.

"It’s impossible to overlook the role of state income tax on these trends. Four of the 10 states with the largest net influxes of high earners in 2021 do not levy a state income tax."

Minnesota's highest tax bracket is 9.85 percent.

States that lost high earners in 2021:

1. California: 27,341
2. New York: 19,795
3. Illinois: 9,131
4. Massachusetts: 3,118
5. New Jersey: 2,617
6. Virginia: 2,579
7. Maryland: 2,076
8. Minnesota: 1,453
9. Ohio: 1,258
10. Pennsylvania: 1,022

Meanwhile, states like Florida and Texas gained the most high earners that year:

1. Florida: 27,567
2. Texas: 9,008
3. North Carolina: 5,446
4. Arizona: 4,563
5. South Carolina: 4,510
6. Tennessee: 3,917
7. Nevada: 2,785
8. Idaho: 2,315
9. Colorado: 2,052
10. Utah: 1,752

Check out the entire study here.