Lacks the rich.
New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.
The study released Monday by the Citizen Budget Commisison showed the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state.
“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.
“Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher – roughly $10.7 billion more in tax year 2022.”
The analysis shows that New York had the second-largest share of the nation’s millionaires – 12.7% – in 2010.
By 2022, the state actually had roughly more 34,000 millionaires, but other states far outpaced that growth, according to the study.
“New York’s number of millionaires doubled, but it tripled in California and Texas and quadrupled in Florida, leaving New York State with the fourth-most millionaires behind those states,” the study states.
The study comes amid fears that Mayor Zohran Mamdani’s push to “tax the rich” will drive more wealthy out of New York City and the state.
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