What percentage of millionaires who move go to other high-tax states?

Ramit SethiRamit Sethi: The No-BS Guide to Living a Rich Life

Rich People Don’t Flee Taxes — Here’s Where They Go

19 Jan 2026 · 0 min

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0:29

A narrated YouTube explainer by Ramit Sethi discussing where wealthy Americans relocate. The speaker cites a specific statistic that 72.9% of millionaires who move go to other high-tax states (examples: New Jersey, California) and argues that quality of life, business climate, cultural amenities, and access to talent—rather than low taxes alone—drive ultra-wealthy relocation choices.

Questions this video answers

72.9%

And here's what's the most shocking part. When millionaires do move, 72.9% of them go to other high tax states like New Jersey or California, not to the lowest tax states. Because you and I intuitively understand that quality of life matters, business climate matters. We're talking about the ultra wealthy. As one expert put it, successful people want to be somewhere they can go to the theater and have business opportunities and hire talent. The place itself is part of their success.