Historically, young millionaires have been drawn to New York’s global financial center, Silicon Valley’s tech hub and Hollywood’s entertainment industry in pursuit of wealth and opportunity.
While New York and California still reign as the states with the youngest millionaires, many affluent young households are relocating to other states in an attempt to hold onto more of their wealth — in search of a lower cost of living, a luxurious lifestyle and a lighter tax burden — such as no state income tax.
