Texas cashes in as No. 2 state for wealthy new residents

HOUSTON, Texas -- Not only has Texas' population exploded with new residents in recent years, but it's been a hot spot for high-income households on the move. A new report says Texas has added more wealthy new residents than any other state but Florida.

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According to SmartAsset's 2023 study "Where High Earners Are Moving," 22,751 households who moved into Texas between 2020 and 2021 filed tax returns with a minimum adjusted gross income of $200,000 (the figure defined as "high earner" in the report). In that same time frame, 13,743 high-earning taxpayers moved out of state.

This resulted in Texas seeing the second-highest influx of wealthy newcomers in the U.S., totaling 9,008.

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