Blue states have bled $2 trillion in wealth to red states in the last decade, NY leads the pack

 It’s being called the biggest wealth transfer in history.

Nearly $2 trillion in economic growth has left blue states and headed for red states in the last decade, according to economic data from the Committee to Unleash Prosperity, a conservative economic group.

The group used IRS data from the years 2012 to 2023 to calculate the movement in cumulative income between states, which were classified as red “Trump states” or blue “Harris states” based on which way they voted in the 2024 Presidential Election.

That $2 trillion transfer is larger than the GDP of some countries.

New York had the biggest fall in cumulative adjusted gross income (AGI) — losing $660 billion between 2012 and 2023.

California came next with $503 billion in the same time period.

In contrast, Florida gained $1.3 trillion, and Texas gained $371 billion between 2012 and 2023.

It comes as billionaire bigwigs are beginning their Big Apple exodus as a result of Mayor Mamdani’s wealth-bashing agenda.

Hedge fund titan Ken Griffin and Marc Rowan both announced recently that they will move jobs out of New York in response to Mamdani’s calls to “tax the rich.”

Florida has seen the biggest net gain in wealth of any state.Fotoluminate LLC – stock.adobe.com

Other traditionally deep-blue states to see a heavy net AGI loss include Illinois ($399 billion), New Jersey ($212 billion), Maryland ($120 billion), and Massachusetts ($118 billion).

Among the other red state winners at the expense of the blue states are South Carolina ($187 billion), Tennessee ($112 billion), and Idaho ($72.2 billion).

The figures point to a broader movement of wealth in the US from the traditional hubs of industry in the Northeast, the Rust Belt, and the Midwest, to sunnier states in the South and the Southwest.

Some rare success stories among the states that voted for Harris in 2024 include Colorado ($127 billion), Washington ($119 billion) and Oregon ($60.8 billion).

In contrast, the two biggest losers among the red states are Pennsylvania ($115 billion) and Ohio ($106 billion).

“Our analysis also shows that nearly every blue state has lost income due to moving vans and nearly every red state has been a winner,” Unleash Prosperity said in a release surrounding the data.

“So, as blue states lose taxpayers, what is their strategy? As many as 10 blue states are contemplating raising their income or wealth taxes,” the statement continued.

“It reminds us of the comedy routine of the Three Stooges on a rickety boat that is taking on water so they drill a hole in the bottom to get the water out.”

https://nypost.com/2026/05/07/us-news/blue-states-like-new-york-bleeding-wealth-to-red-states/