By Rob Nikolewski | New Mexico Watchdog
Have you noticed more Californians coming to New Mexico?
Judging from a study of wealth migration, it’s not just a feeling you may have — it’s true.
A fascinating map showing the amount of money flowing from state to state called “How Money Walks” shows that $950.09 million in wealth moved from California to New Mexico in the span of 15 years.
And while New Mexico’s economy has been sluggish, according to the map’s figures, more money has come into the state from other states than has come out.
The map’s author, Travis H. Brown, tracked the millions of people in the U.S. who moved from state to state, taking with them more than $2 trillion in adjusted gross income. Brown says Americans are fleeing high-tax states and moving to states that offer lower taxes.
The big losers? New York, California, Illinois, New Jersey and Ohio.
The big gainers? Florida won the most, with $86 billion coming its way. Other gainers were Arizona, Texas, North Carolina and Nevada.
Here’s where New Mexico gained wealth:
- $950.09 million from California
- $267.88 million from New York
- $141.86 million from Illinois
- $126.68 million from Michigan
- $115.30 million from New Jersey
But the New Mexico also lost wealth:
- $534.12 million from Texas
- $459.64 million from Arizona
- $357.79 million from Colorado
- $98.12 million from Oregon
- $87.50 million Nevada
Brown says his data comes from 15 years of statistics from the U.S. Census Bureau and the Internal Revenue Service.
Here’s the interactive map. Just find a state and click on it to get the figures.
Now keep in mind the map shows money that’s moved from one state to another, but doesn’t look at the money created in a given state that stays in that state. But it’s still an intriguing measure to look at.
Here’s a CNBC interview with Brown discussing his findings.
Contact Rob Nikolewski at email@example.com and follow him on Twitter @robnikolewski