Article originally posted on Phoenix Business Journal on September 9, 2022
The big, sprawling cities on the coast are no longer the top destinations for young, wealthy people on the move, and Arizona is gaining wealthy millennials as a result.
The Grand Canyon State is among the top 10 destinations for wealthy millennials, according to a new study from finance platform Smartasset. The state ranks seventh among states with the largest net gain in wealthy millennials between 2019 and 2020. Smartasset examined tax filer migration data from the IRS for people under 35 and earning at least $100,000 in adjusted gross income.