New York's Millionaire Exodus Predates Mamdani By Nearly A Decade
IRS migration data from 2013 to 2022 show New York's national millionaire share sliding from 12% to 8.7%, a $12.2 billion revenue gap.
- New York counted 41,520 millionaire households in 2013, growing to 69,780 by 2022.
- Holding its 2013 national share would give New York 95,812 millionaires this year.
- One millionaire's tax bill equals roughly 39 average New Yorkers, the report finds.
Why it matters: A government that taxes its most mobile citizens most heavily will keep watching them leave, whoever is mayor.
National Taxpayers Union Foundation ↗ · Jul 15, 20267/15/26 · ✓ Checked✓ Check