Between 2019 and 2020, the number of New Yorkers earning between $150,000 and $750,000 fell by nearly 6%, according to the New York City Independent Budget Office.

Moreover, the number of real high earners — those making over $750,000 — dropped by nearly 10% during the same period.

Some speculate that the wealthy elites are leaving New York because of the state’s high tax rates. While it’s hard to say exactly why people move, the loss of high earners can impact the city’s income tax revenue.

For perspective, the 41,000 filers in the city’s top 1% pay more than 40% of all its income taxes. The 450,000 filers in the top 10% pay about two-thirds of all income taxes.

In other words, the remaining 90% of taxpayers contribute about one-third of the city’s income tax revenue.

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The report from the city’s Independent Budget Office is not the only one showing this migration trend.

Financial technology company SmartAsset found that in 2020, New York had a net outflow of almost 20,000 high-earning households — defined as households earning over $200,000. That was more than any state in the study.

So where are these folks moving?

Florida

No state attracted more high-earning households than the Sunshine State.

According to SmartAsset, Florida added 32,019 tax filers who reported at least $200,000 in income in 2020. While the state also lost 11,756 such filers during the year, the end result was a net gain of 20,263 high-income filers.

One of the ultra-high earners who moved to Florida was billionaire activist investor Carl Icahn. The 86-year-old was born in New York City and had run his business from the city for decades. He relocated his office to Sunny Isles Beach, Florida in 2020.