Interstate migration in the United States reached its highest level since 1990, with approximately 45.2 million Americans relocating between 2025 and 2026.

Notably, 73% of interstate movers relocated into Sun Belt states.

Driven by rising housing costs, higher taxes and lifestyle considerations, wealthy individuals are increasingly relocating from New York, New Jersey and California to Florida and Texas, as well as North Carolina, Tennessee and Arizona.

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Taxes

Tax arbitrage remains one of the most important drivers behind this movement.

High-net-worth individuals and entrepreneurs typically hold more concentrated wealth positions and increasingly sophisticated portfolios, creating greater demand for tax efficiency, asset optimisation and long-term planning.

At the same time, Sun Belt states offer lower operating costs, business-friendly regulatory environments and stronger wealth creation opportunities.

These factors make states such as Florida and Texas particularly attractive to entrepreneurs, executives and business founders seeking to scale businesses efficiently whilst optimising and protecting personal wealth.

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Lifestyle

The migration trend is also heavily influenced by lifestyle considerations.

Increasingly, affluent families are prioritising safety, climate, lifestyle quality, flexibility and access to premium education and healthcare.

Florida, in particular, has become synonymous with a high-quality coastal lifestyle, luxury real estate and expanding financial infrastructure.

According to Realtor.com’s analysis of IRS migration data, domestic migration between 2023 and 2026 generated net adjusted gross income inflows of approximately $20.65 billion into Florida, $5.54 billion into Texas and $4.13 billion into South Carolina.

Research also suggests that relocating households saved approximately $6,400 annually through lower taxes and reduced living costs after moving to states such as Florida, Texas and Tennessee.

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Private wealth

The migration of wealth is fundamentally reshaping the private wealth industry.

Miami has rapidly evolved into one of the leading financial centres in the United States, whilst Palm Beach continues attracting family offices, hedge fund managers and UHNW individuals.

As affluent populations continue concentrating in the Sun Belt, RIAs, private banks, family offices and alternative asset managers are aggressively expanding operations across Florida and Texas.

Miami, Palm Beach, Austin, Dallas and Nashville are increasingly competing with traditional financial centres such as New York and San Francisco.

Luxury real estate demand has surged, private schools and professional service ecosystems are expanding rapidly, and local financial infrastructures are maturing around the needs of wealthy individuals and international businesses.

For wealth management firms, the opportunity extends beyond geographic expansion alone. The migration trend is creating stronger demand for sophisticated tax planning, cross-state residency advisory, trust structuring, private market access and integrated family-office-style coordination.

As wealthy individuals continue relocating and restructuring their financial lives, firms capable of delivering holistic and multi-jurisdictional solutions are likely to benefit most.

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Summary

The migration of wealthy individuals into Sun Belt states is reshaping both the U.S. economy and the private wealth industry. Driven by tax efficiency, business opportunities and lifestyle advantages, affluent families are increasingly relocating to Florida, Texas and other high-growth regions. This trend is accelerating demand for integrated wealth management, family office services and sophisticated cross-border planning.

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Affinity

Affinity supports internationally mobile private clients, entrepreneurs and family offices with wealth structuring, fiduciary services, residency planning and cross-border advisory solutions. With expertise across multiple jurisdictions, Affinity helps clients navigate evolving wealth migration trends whilst preserving and optimising long-term international wealth.

Based in Miami, we provide a boutique, personal approach to private wealth management across companies, trusts, luxury asset structuring, residency, and more. To learn more about our services in the U.S or to discuss your requirements, contact our U.S leaders directly.

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