New York Struggles As Wealthy Flee City

A number of factors, including economic strain and crime, are causing New York City to undergo a demographic transformation. Census data shows that the population losses are increasing, especially among the well-off.

Recent data shows that New York City is losing a large number of wealthy residents. New York state has among the highest taxes on the wealthy of any state in the union. In particular, the surge of wealthy residents leaving the state happened after former Gov. Andrew Cuomo (D-NY) hiked taxes on those making more than $1 million.

The number of residents earning more than $25 million per year leaving the state is remaining surprisingly high. In 2021, almost 1,500 such citizens left the state, almost as high as those during the height of the pandemic.

Furthermore, New York is also losing its share of millionaires relative to other states. While the state represented 12.7% of all of the millionaires in the United States in 2010, this fell to 9.9% in 2019. The year of Cuomo’s new tax and the COVID-19 pandemic brought the share down to just 8.9%.

When more recent figures are released, it is likely that the figure will decline even further.

Recent reporting cited the leaving of billionaire Carl Icahn, who is worth $18.5 billion. David Tepper, who owns the Carolina Panthers left with his $18.5 billion, along with a number of other wealthy investors and business owners.

New York has fallen on particularly hard times due to a number of factors. The pandemic caused hundreds of thousands of residents to leave the city.

The topic of the state’s population loss was a major topic in the 2022 governor’s race.

Census data from 2020 appeared to show that New York City and state had not lost as many residents as originally feared. However, more recent data showed just how many residents the area has lost.

In 2022, New York state lost the most residents of any state, even outpacing California.

Making matters worse, New York City has struggled with the economic slowdown and inflation since the inauguration of President Joe Biden in 2021. The city also saw a dramatic increase in violent crime, which further added migratory pressure.