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High earners are flocking to South Carolina — see where it ranks

Hospitality and Tourism
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High earners from around the country have been flocking to South Carolina, according to new research.

In a new data analysis, SmartAsset examined the most recent publicly available IRS data to uncover where people earning $200,000 or more are moving by examining the inflow and outflow of tax filers making at least $200,000 in each state between 2020 and 2021.

The number of high-earning American households continues to grow despite cost-of-living challenges, according to SmartAsset. In 2021, 8.68 million tax returns indicated annual earnings exceeding $200,000 — up from 8.57 million returns just a year earlier. The migration of these high-earning households can have significant effects on a state’s tax base and finances, the analysis states.

South Carolina comes it at No. 5, according to the analysis, with an inflow of high earners of 7,312 and an outflow of 2,802, resulting in a net migration of 4,510. The top three fastest-growing states among high-earners are Florida, Idaho and Montana, with Florida taking the top overall spot in SmartAsset’s analysis.

The high-earning population is growing in the Southeast, including in Florida, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Arkansas, according to SmartAsset.

You can read the full rankings and analysis here.

Reach Jason at 864-568-7570.

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