Just looked at some IRS data on young millionaires in America and there's a wild trend happening. Basically, wealthy young people aged 26-35 are straight up leaving California and New York in droves. Like, over 3,200 high earners bounced from California alone because of that brutal 10.3% state income tax.

The numbers are pretty telling. California still has the most young millionaires overall with around 184k households earning over 200k, but they're losing them fast. New York's in a similar boat. Meanwhile, states with no income tax or lower taxes are absolutely crushing it with inflows. Florida's seeing massive growth, Arizona too. Even Tennessee and South Carolina are getting way more young wealthy households than they're losing.

What's interesting is the mansion tax situation. Some states are hitting properties over a million with taxes ranging from 1% to 16%, which is pushing people to look elsewhere. It's not just about income tax anymore - it's the whole package. Lower cost of living, no state income tax, and yeah, keeping more of what you earn.

So if you're wondering where America's youngest millionaires are heading, it's basically anywhere with a better tax situation. The wealth migration from traditional hubs like Silicon Valley and New York is real. IRS data from 2024 shows this pretty clearly. Kind of makes sense when you think about it - why stay somewhere taking 10% of your income when you could move and keep it all?