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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