More rich millennials are abandoning New York than any other state — and they're not the only ones fleeing the high cost of living

The Business Insider reports:

Rich millennials are over New York.

According to a new SmartAsset study, New York is the number one state rich millennials are moving away from. The report used data from the IRS 2015 to 2016 tax year to take a look at the states wealthy millennials are moving to.

It defined rich millennials as those individuals younger than 35 who have an adjusted gross income of $100,000 or more. SmartAsset ranked each state by net migration, which it determined by subtracting the number of millennials moving out of the state from the number of millennials moving into the state.


It found that 4,867 rich millennials left New York during the one-year period — 10,048 moved into the state, while 14,915 moved out.

That's more than twice the number of rich millennials who, in the same time period, left Illinois, the state that saw the second-largest amount of rich millennials moving out (2,248).

Imagine that.