According to a new IRS data analysis conducted by Wirepoints, Florida attracted more than $41.1 billion in Adjusted Gross Income from 624,000 new residents who moved to Florida in 2020.
Florida did lose $17.4 billion in AGI from 457,000 people who moved out of the state; however, the state emerged with a $23.7 billion net new taxable income, which marks a 3.3-percent rise compared to 2019.
Given these metrics, Florida topped all 50 states in terms of domestic wealth migration, being the only state to have its AGI inflow more than double that of its AGI outflow. In addition, Florida brought in $17 billion more than the second-highest-ranked state, Texas.
Florida was also recently ranked as the second-best for business by Chief Executive magazine, ranking highly in metrics spanning taxation to education, quality of life and population growth.
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— Compiled by Business Editor Joe Crews