Takeaways from recent MNCPA wealth migration survey
| February/March 2025 Footnote
The MNCPA recently conducted a wealth migration survey with members, seeking to gain a better understanding of the outflow of clients and wealth to other states. While we acknowledge this survey is unscientific and based on voluntary responses, member feedback is invaluable to ongoing efforts.
We sent this survey to 1,197 individuals and received a response rate of 3.7%. We appreciate those who shared their insights.
Here are key highlights based on data reported by those completing the survey. Given the following numbers are based on a set of limited responses, the actual numbers are likely substantially higher:
- Approximately $5 billion left Minnesota in the past five years.
- When asked, to what degree Minnesota’s overall tax policy plays a role in the client’s consideration to move, the majority response was, “The primary reason.”
- The top three nontax issues that influenced a decision to move out of Minnesota are weather/climate, business environment and cost of living.
- The top five states clients are relocating to are Florida, Arizona, Texas, Nevada and South Dakota.
This information is critical for upcoming discussions with policymakers. Member feedback will help guide decisions and influence future planning.
