Just Released: Analytics Miami 2025 Q4 Report & Forecast Themes of the week: Wealth Migration • 2025 Q4 Report & Forecast • New Interviews Wealth migration is the theme of the week, and will be the theme of the century. Global HNWI relocations reached record levels in 2025 and still increasing into 2026. Within the United States, a clear trend persists: high value tax payers are relocating and our feeder jurisdictions are predictably increasing their hostilities to capital. The net effects of California billionaire tax are obvious. Recall that Bezos moved to Miami when his home state proposed a wealth tax. He would have accounted for 45% of the theoretical revenue. Today I read that the Netherlands is likely to start taxing unrealized capital gains at 35%. One starts to wonder what these regimes may start doing to curtain inevitable exoduses. Wealth mobility is real. Miami's emergence as a destination for wealth is evident in the year-end and Q4 numbers.
NEW CENSUS DATA: blue states continue to lose population!
I made the table after downloading and processing newly released 2023 interstate census data.
Source: https://www.census.gov/newsroom/press-releases/2024/state-to-state-migration-flows.html
The pattern is very clear.
High tax, blue states are losing population due to interstate migration.
And as I keep saying, I do not see this reversing.
I do not see a sudden net flow into high tax states.
The political leanings of the state seem to be correlated to the tax levels.
Download my full Q3 2024 Miami Real Estate Report
The Key Points
-> Migration is flowing towards new 21st century epicenters, of which Miami is one
-> Entrepreneurship and creation flow towards the paths of least resistance
-> I do not see a reversal or large net migration back to high tax states.
The pattern is very clear.
As the country reshapes around 21st century realities and shift in economic focus continues, high tax states are clearly losing population.
The two winners, TX and FL, have 0% state tax.
The two losers, CA and NY, are at over 10%.
I added a column for Governor, Republican or Democrat.
And a pattern emerged: 8/10 winning states had Republican governors.
9/10 losing states had Democratic governors.
I am simply observing. It is what it is.
America is reshaping.
Related Posts
