The number of millionaires living in the Northern New Jersey/New York area shrank by 5,700 according to NorthJersey.com. The definition of the wealthy individuals is people with liquid assets of $1 million to $30 million.

Experts quoted in the story ascribe the flight to several reasons, not the least of which is the reduction of the local and state tax deduction. People with the kind of wealth we’re talking about often have more than one home and can go live in Florida where the taxes are more manageable. Financial advisors are recommending their high net worth clients to move out of state if possible to avoid the tax burden and many are taking their advice.

Even with the decline, though, the Northern New Jersey/New York area still counts over 1 million millionaires; while that region was losing millionaires the number of millionaires nationally rose. Of course, more than just millionaires are moving out of New Jersey. The annual National Van Lines survey showed that New Jersey was the most moved out of state in the country.

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