Young and rich Americans are fleeing New York and California for Florida and Texas. What’s going on?

Rich, young people are leaving California and New York for the Sun Belt.

The young and the rich — considered to be filers aged 26 to 35 and earning $200,000 a year and more — have been moving to Florida and Texas in high numbers, according to a new survey released by SmartAsset, which looked at migration data from the Internal Revenue Service for the tax year 2021.

“High earners can make up a disproportionate amount of tax revenue. For people aged 26 to 35, only 2% of tax returns filed show an income of $200,000 or higher,” Jaclyn DeJohn, managing editor of economic analysis at SmartAsset wrote. “Despite its small size, this cohort actually makes up 16% of the income for this age group — an outsized tax base that can impact local businesses and government revenues.”

New York lost the most young, high earners — it had a net loss of 5,062 — followed by California — with a net loss of 4,995.