Advisors prospecting for new clients need to follow the money, and these days wealthy millennials are on the move, according to SmartAsset, a personal finance technology company in New York City.

SmartAsset says the most recent comparative IRS migration data available, for the years 2017 and 2018, reports that 30% of U.S. taxpayers younger than age 35, with adjusted gross incomes of at least $100,000, are filing returns across state lines because of moves to a different state address. That trend is particularly pronounced in New York State, where the country's largest city has for years attracted young transplants in search of fame and fortune.

SmartAsset found in its second annual study that between 2017 and 2018, more wealthy millennials were leaving New York State than moving there. The Empire State, home to the Big Apple, reported that 11,395 wealthy millennials moved there during those years, while 16,928 of them left, leaving a net migration loss of roughly 5,533—the highest outmigration rate reported in the study.

The 2020 pandemic has only hastened that exodus from the state's namesake largest city, according to the New York Times, which in May reported that thousands of New York City residents, in particular those from the city’s wealthiest neighborhoods, left with the outbreak of Covid-19.

Many of the state’s younger, wealthier residents are in search of greener pastures out west and down south, SmartAsset says, but not all millennials are departing the Northeast just because they are leaving New York City.

Here, in ascending order, are SmartAsset’s top 10 states where wealthy millennials are moving.

10. Tennessee

Tennessee, home to the late baby boomer icon Elvis Presley, is attracting a new generation of rich, young transplants. Between 2017 and 2018, the Volunteer State reported that 2,625 wealthy millennials had set up residence in Tennessee, while 2,130 left, leaving a net migration of 495, the majority (97.78%) between the ages of 26 and 34.