New York Adds 1,900 Millionaires in 2023 as Florida and Texas Both Decline
Updated
Updated · Bloomberg Government · Aug 26
New York Adds 1,900 Millionaires in 2023 as Florida and Texas Both Decline
1 articles · Updated · Bloomberg Government · Aug 26
Summary
New York gained 1,900 millionaire residents in 2023, lifting its share of the US total to 9% from 8.7%; New York City alone added 542.
Citizens Budget Commission data showed Florida and Texas each moved the other way, with their millionaire populations both falling 6.1% from 2022 to 2023 despite their low-tax pitch.
The uptick gives Gov. Kathy Hochul and other officials support against claims that taxes and regulation are steadily driving wealthy residents south.
Researchers cautioned one year does not reverse a long slide: New York held 12.7% of US millionaires in 2010, a decline tied to nearly $12 billion in lost income-tax revenue over the past decade.
That migration debate is likely to shape the next legislative session, when lawmakers weigh possible tax increases on businesses and high earners alongside concerns over cost of living and quality of life.