As residents continue flocking to the suburbs, Philadelphia lost the most wealth in total income from 2021 to 2022 in Pennsylvania, while Chester County is among the top gainers, writes Kyle Nguyen and Ryan Mulligan for the Philadelphia Business Journal.

The latest data from the IRS and U.S. Census Bureau for the migration of wealth shows that Philadelphia posted a net loss of $1.48 billion in total income in that two-year period, along with a decrease of 10,057 tax filers.

The top destination for residents leaving the city was its suburbs. Montgomery and Delaware counties together added roughly $1 billion in income from tax filers who moved from Philadelphia County. Bucks County also added $307 million in total adjusted gross income.

However overall, Montgomery and Delaware counties still ranked among the state’s biggest losers of wealth, with Delaware County coming in third with a loss of $235 million and Montgomery County following in fourth place with a loss of $155.15 million.

Meanwhile, Chester County is the second-highest gainer of wealth for 2021 to 2022, behind only Butler County. The county recorded an increase in wealth of $75.4 million.

Read more about wealth in Pennsylvania counties in the Philadelphia Business Journal.

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Editor’s Note: This post first appeared on VISTA Today in August 2024.