# New York's declining share of millionaires

By [Brandon Donnelly](https://brandondonnelly.com) · 2025-05-01

new-york, cbc, florida, taxes, migration, millionaires

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There is a nonpartisan, nonprofit think tank based in New York called the Citizens Budget Commission (or CBC). And this week they launched [Competitive NYC](https://cbcny.org/newsroom/cbc-launches-competitive-nyc-value-proposition-tracker). The intent is a kind of dashboard that provides insights into NYC's overall competitiveness — specifically its ability to attract and retain both residents and businesses. I won't summarize all of the findings; if you'd like to take a look, [you can do that here](https://cbcny.org/competitive-nyc-value-proposition-tracker). But I did want to point out one finding.

Here's a chart showing the top 10 states for people with incomes greater than $1 million:

![](https://storage.googleapis.com/papyrus_images/1a5fc620270728361fe174f071e32d7d.png)

The number of "millionaires" in New York state increased from 35,802 in 2010 to 69,780 in 2022, but its share of US millionaires declined the most. Previously it was 12.7%, and in 2022 it had dropped to 8.7%. On the other end of the spectrum, the state with the biggest share gain was Florida.

The tracker goes on to suggest that high taxes may be a factor for households moving out of New York City. Here's a chart showing taxes per $1,000 of personal income:

![](https://storage.googleapis.com/papyrus_images/877c13aeee59559c1bc2359598a0a849.png)

New York state is the highest and is 56% above the US average, whereas Florida is 31% below the average. Florida also has the sunshine thing going for it. This migration trend aligns with what was talked about a lot during the pandemic. Between April 2020 and July 2022, NYC lost nearly half a million residents, a chunk of which went to Palm Beach and Miami-Dade Counties.

It's a reminder not to take competitiveness for granted, especially when there's a clear trend toward places with warmer weather. People can and will vote with their feet.

_Cover photo by_ [_Andre Benz_](https://unsplash.com/@trapnation?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash) _on_ [_Unsplash_](https://unsplash.com/photos/aerial-photo-of-city-skyline-at-night-WsxKHqrdibY?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash)_; charts from CBCNY_

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*Originally published on [Brandon Donnelly](https://brandondonnelly.com/new-yorks-declining-share-of-millionaires)*