Wealthy millennials are moving into South Carolina at one of the highest rates in the U.S., a new study shows .
SmartAsset, a personal finance website, reviewed recent tax returns filed by households in the 26 to 45 age range that earn more than $200,000 a year — classified as high earners by the IRS.
“These millennials in particular have more disposable income and economic freedom than their median counterparts, so their impact on local economies can be outsized,” a SmartAsset article on the report states. “When these wealthy millennials choose to move for job opportunities, lifestyle, family and other reasons, their disproportionate economic power also goes with them.”
SC millennial gains
South Carolina ranked sixth highest among states that have gained the most rich millennials, based on IRS data from the 2021 and 2022 tax years, the latest available. Here is a breakdown of the data on South Carolina in the report.
South Carolina
- Net gain of wealthy Millennial households: 1,068
- Wealthy Millennial inflow: 2,213
- Wealthy Millennial outflow: 1,145
- Total number of Millennial returns with income $200k+: 27,501
- Average AGI for wealthy Millennial households: $431,694
- Percent of wealthy households that are Millennials: 17.2%