New York's share of U.S. millionaires saw a substantial decrease between 2010 and 2022, resulting in an estimated $10.7 billion loss in personal income tax revenue for the fiscal year 2022, according to an analysis by the Citizen Budget Commission.
During the period studied, New York's proportion of the nation's millionaires dropped from 12.7% to 8.7%, marking the largest decline experienced by any state. The analysis suggests that if New York had maintained its share of high-income taxpayers, its collections would have been significantly higher. In 2010, the state held the second-largest percentage of U.S. millionaires, but by 2022, it ranked fourth behind California, Texas, and Florida. While New York's millionaire population did double, other states saw even greater growth, with California and Texas tripling their numbers and Florida quadrupling theirs.
The findings emerge amidst concerns that policies aimed at increasing taxes on wealthy individuals could further incentivize their departure from New York City and the state. The study's release coincided with discussions surrounding taxation of high-income earners, as highlighted by public statements from Mayor Zohran Kwame Mamdani.