New York's Millionaire Exodus: $10.7 Billion Tax Revenue Plunge
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A stunning new study reveals New York's dramatic decline in millionaire households, costing the state an estimated $10.7 billion in lost tax revenue. Its share of US millionaires plummeted from nearly 13% to just 8.7% in a decade, marking the steepest decline of any state in the country.
Experts blame high taxes, strict rent control, and aggressive green energy mandates for driving out the wealthy. As states like California, Texas, and Florida tripled their millionaire counts, New York dropped from second to fourth place, making its budget dangerously vulnerable and deepening the affordability crisis for others.
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A stunning new study reveals New York's share of the nation's millionaires has plummeted, costing the state an estimated $10.7 billion in lost tax revenue. $7 billion in lost tax revenue, according to the Citizen Budget Commission. New York's slice of US millionaire households dropped from nearly 13% in 2010 to just 8.7% in 2022, the steepest decline of any state in the country. While the total number of millionaires in New York actually grew, other states saw explosive gains. California, Texas, and Florida each tripled or quadrupled their millionaire counts, pushing New York from second place to fourth. Experts blame a combination of high taxes, strict rent control, and aggressive green energy mandates that drive up costs. The result, a tax base increasingly dependent on a tiny group of high earners, making the state budget dangerously vulnerable. Mayor Zoran Mamdani dismissed the idea that taxing the wealthy causes an exodus, saying New York remains the wealthiest city in the wealthiest country. But critics like Steve Fulp of the Partnership for New York City warn that losing high earners will only deepen the affordability crisis for the poor. The broader picture is stark. New York is losing population to every ...
