Thousands of high earners are leaving New York every year, draining billions in tax revenue and forcing the city to spend more while collecting less

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NY State saw peaks of over 3,000 millionaires leaving annually around 2020, with cumulative net outflows shrinking its U.S. millionaire share from 12.7% in 2010 to 8.7% in 2022. High earners contribute about 40% of income tax revenue, so these exits have cost billions in foregone collections—potentially $13 billion more since 2010 if trends held. This erodes NYC’s tax base, straining services as spending outpaces adjusted revenue growth.
-Grok