Insider Today: High earners head west

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July 28, 2023

Hello, Insiders. Fun-fact Friday: Soulja Boy and Jacqueline Kennedy Onassis share a birthday (today!)

As for today's big story, we're tracking where high-income earners are moving in America.

We're also covering:

Google is now asking employees for weekly — instead of annual — feedback.
Attending an Ivy League does not translate to bigger bucks.
An intoxicated United Airlines pilot was reportedly six times above the legal alcohol limit.

But first, let's head west.

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THE BIG STORY

Moneymaker moves

Getty Images.

Many high-income earners are headed west. And no, we don't mean California.

New data shows that, from 2020 to 2021, Idaho had among the fastest population growth of high-earning households — or those with at least a $200,000 adjusted gross income.

In particular, the state has seen high earners moving to cities including Boise and Meridian, Insider's Noah Sheidlower reports. Among the draws could be Idaho's low taxes, strong employment growth, and regulatory environment. The state's eastern neighbor Montana, ever a popular tourist destination, is also seeing an influx of growth.

But to be fair, not all high earners are headed to the American West; they're also flocking to Florida.

In terms of sheer numbers, the state topped the list, with a net migration of 27,500 high earners. It's one of just nine states without a state income tax, and the weather and business opportunities have been a major draw.

Click here for our interactive map showing net migration by state for high-earning households. Map: Noah Sheidlower/Insider Source: SmartAsset

Where else are high earners flocking? As the above map illustrates, Texas and North Carolina are also seeing big migrations. At the same time, New York and California are seeing major outflows.

And so, while California and New York are losing some of their top earners, cities such as Boise, Bozeman, and Billings seem to be reaping the benefits.

READ THE FULL STORY HERE

TOP READS

Tampa, 'Googlegeist,' & Ivy Leagues

Win McNamee/Getty Images

Trump faces two new charges: obstruction of justice and willful retention of classified documents. Plus, court records show that a maintenance worker named Carlos De Oliveira was added to the indictment. Bonus: Read the full text of the grand jury's indictment.
Tesla is said to have created a secret team to cancel service appointments. A Reuters investigation found Tesla rigged the range estimation of its vehicles — with one source saying the order came from CEO Elon Musk. Insiders said customers inundated Tesla with complaints and service appointments related to the underwhelming driving range.
Leaked Amazon guidelines: Return to office. The 10-page document shed light on how Amazon plans to get employees to work at centrally assigned office locations. Those who refuse to relocate will be considered a "voluntary resignation," and per the leaked guidelines they won't receive severance.
Google is asking for weekly employee feedback. Once a year, the "Googlegeist" survey allowed employees to anonymously share how they feel about compensation, leadership, and other company topics. Now, staff will be asked two questions a week instead.
Attending an Ivy League school may not actually boost your salary. New data indicates the elite degree might just give you a fancier-sounding title than your state-school peers. The findings suggest what you do — not where you go — matters.
Microsoft's investing group M12 is quietly shedding its stakes in startups. People familiar with the matter said M12 had been selling its shares at a discount — anywhere from 30% to 70%.
Tampa is the latest Gen Z hot spot. Five people under 30 years old described why they recently moved there. Walkability and affordability were some of their top reasons.

BEFORE THE OPENING BELL

Dow, US economy, & 'AI Gold Rush'

All good things must come to an end: Dow's historic 13-day win streak breaks. The 30-company index closed in the red after falling more than 200 points.
The US economy is surging. The country had a pretty solid second quarter of 2023. There have been many signs of a good economy. Real gross domestic product grew at an annualized rate of 2.4%. The unemployment rate is low. And job creation remains slow but strong.
The "AI Gold Rush" makes today's stock market look more like the early days of the internet boom. The Wedbush analyst Dan Ives says the stock market looks much more similar to that of 1995 (and less similar to that of the 1999 dot-com bubble).

WHAT ELSE IS GOING ON

Seniority, intoxication, & artillery

Back-to-back "senior moments" this week from Dianne Feinstein and Mitch McConnell illustrate the peril of a government by seniority, Insider's Madison Hall writes. Read more in our "Red, White, and Gray" package.
An intoxicated United Airlines pilot was reportedly given a 6-month suspended prison sentence. He was said to have been six times above the legal alcohol limit and was scheduled to fly from Paris to Virginia.
Ukraine shifts tactics against Russia. It switched from pressing forward with tanks to using artillery fire instead.