According to a recent study by SmartAsset, South Carolina and North Carolina have emerged as two of the most popular destinations for high-earning households in the United States. In 2024, North Carolina ranked third, and South Carolina ranked fourth in net gains of households earning over $200,000 annually.
Key Findings:
• Florida Leads: Florida attracted nearly 30,000 high-income households, the most in the nation, with a net gain of 29,771. Texas followed with 8,260 new high-earning households.
• Growth in the Carolinas: North Carolina and South Carolina ranked third and fourth, gaining 5,792 and 5,270 high-income households, respectively. The average income for these households was $456,000 in North Carolina and $501,000 in South Carolina.
• Losses in California and New York: California lost the most high earners, with a net loss of 24,670 households. New York had the second-highest loss with 12,040. However, those moving into these states had higher average incomes than those who left.
• Wyoming’s Wealth Surge: Wyoming saw a significant increase in wealth among new residents, with incoming high-income households earning nearly $1.6 million annually on average, tripling the income of those moving out. The state gained 316 high-income households, ranking 21st overall.
Economic Impact:
High-income households have a substantial impact on local economies due to their larger budgets and spending power. States that attract these residents gain a competitive economic edge, benefiting from increased consumer spending, tax revenue, and investment in local businesses.
The trend underscores the growing appeal of the Carolinas, driven by favorable job opportunities, business-friendly environments, and desirable climates. As more high-income earners move to these states, the economic landscape of the region is poised for further growth and prosperity.
