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...