Wealthy residents fleeing Massachusetts and have been for years, study shows

Apparently not only California and New York are loosing wealthy residents!

"High-income residents have been fleeing the state for years, according to recent research from the Pioneer Institute, in a pattern that is worsening as taxpayers stare down the state’s newly passed millionaire’s tax.

... Massachusetts is the fourth worst state in the country when it comes to out-migration, behind only California, New York and Illinois.

“Net out-migration has nearly quintupled and the largest spike in departures occurred in 2020 and 2021 ...

Pioneer’s research showed that $900 million worth of wealth left the state in 2012, a number that skyrocketed to $4.3 billion in 2021. According to Pioneer, those making over $200,000 per year account for 60% of lost wealth due to out-migration. In 2021, those taxpayers took about $2.6 billion elsewhere, study authors say. ..."

Wealthy residents fleeing Massachusetts and have been for years, study shows $4.3 billion taken out of state in 2021 alone