Florida, Texas, and Utah are becoming the fastest-growing states for multimillionaires in America, with the ultrawealthy population projected to surge in the next five years. California still leads in total ultrawealthy residents, but is lagging behind in growth rate compared to its rivals.

A new report from Altrata reveals that Florida, Texas, and Utah will experience the most growth in ultra-high-net-worth individuals, those worth over $30 million. Florida leads with 8.8% annual growth, followed by Utah at 8.1% and Texas at 7.9%.

The shift in America’s wealth map is evident, with more fortunes moving to the south and west. Lower taxes, warmer climates, and expanding finance and tech clusters are attracting wealth and families to states like Florida and Texas, which have seen an influx of wealthy individuals and corporations.

California remains the top state for multimillionaires, but its growth rate is slower compared to Florida, Utah, and Texas. The Altrata report forecasts California’s ultrawealthy population to grow at 5.3% annually, while Florida is at 8.8%, Utah at 8.1%, and Texas at 7.9%.

Read more at Yahoo Finance: Florida, Texas, and Utah are the fastest-growing hot spots for America’s superrich