Wealth is coming to Florida from guess where?
Governor Rick Scott is working to make Florida business friendly. One part of what is happening, missed by the media, is the transfer of wealth from other states to the sunshine state.
The website HowMoneyWalks.com has an application that tracks how money moves between states and between counties within states. This is a great resource for anyone interested in how wealthy individuals literally vote with their feet, and bank accounts.
Below is the over view of the wealth gain for Florida from 1995-2010:
Florida
Wealth Migration 1995-2010
Gained $86.39 billion in annual AGI*
*AGI – adjusted gross income as defined by the IRS. For most people AGI is the starting point in calculating their taxable income.
Gained Wealth From:
| $16.76 billion | New York |
| $10.20 billion | New Jersey |
| $6.22 billion | Illinois |
| $5.89 billion | Ohio |
| $5.68 billion | Pennsylvania |
Lost Wealth To:
| $1.38 billion | North Carolina |
| $710.67 million | Tennessee |
| $465.83 million | South Carolina |
| $413.47 million | Arizona |
| $345.49 million | Texas |
Looking at the sixty-seven counties in Florida we find that Miami-Dade is the only county that has lost wealth between 1995-2010. Here is the view of wealth loss by Miami-Dade County, FL:
Miami-Dade County (FL)
Wealth Migration 1995-2010
Lost $2.18 billion in annual AGI*
AGI – adjusted gross income as defined by the IRS. For most people AGI is the starting point in calculating their taxable income.
Gained Wealth From:
| $312.84 million | New York County, NY |
| $159.88 million | Queens County, NY |
| $105.37 million | Middlesex County, NJ |
| $88.39 million | Kings County, NY |
| $83.80 million | District Of Columbia, DC |
Lost Wealth To:
| $2.15 billion | Broward County, FL |
| $299.04 million | Palm Beach County, FL |
| $121.28 million | Orange County, FL |
| $107.22 million | Collier County, FL |
| $107.19 million | Hillsborough County, FL |
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