New York State’s Share of Those With $1 Million Income Dropped in Past Decade, Leading to $10 Billion in Lost Revenue: Report

Over the past decade the share of people with this income level living in Florida and Texas surpassed New York.

New York City Mayor Zohran Mamdani speaks with press to make a childcare announcement in the Jackson Heights neighborhood of the borough of Queens, New York City, on May 19, 2026. Nicholas Zifcak/The Epoch Times

The share of Americans earning $1 million or more annually and calling New York state home dropped by 4 percent from 2010 to 2022, the most recent year for which data were available, causing the state to miss out on $10.7 billion in annual tax revenue, according to a July 13 report by nonpartisan Citizens Budget Commission.

Although the number of such earners living in New York state nearly doubled during that period (from 35,802 in 2010 to 69,780 in 2022), the state’s share of all such earners in the United States dropped from 12.7 percent to 8.7 percent of the total.

Florida, Texas, and California each surpassed New York state in their share of this population as well as in headcount.

The report calculated that if New York had been able to retain a 12.7 percent share of these high earners, personal income tax collections would have brought in an extra $10.7 billion in annual revenue.

New York City Tax Rates

Out of any locality in the nation, New York City currently has the highest marginal personal income tax rate, at 14.78 percent for the highest earners, according to the report.

Asked what he is doing to attract the wealthy to New York City, Mayor Zohran Mamdani responded on July 13 at a press event that he had faced such arguments in the past, when working to raise personal income taxes while serving in the state legislature.

“What we found is after passing that [tax increase on those making over $1 million] and raising billions of dollars that helped our state,” Mamdani said, “we in fact had more millionaires than we had prior.”

“The conversation will always continue,” Mamdani said, repeating his refrain that in a wealthy city such as New York, “it’s unacceptable that one in four New Yorkers are living in poverty.”

The democratic socialist mayor’s relationship with his city’s wealthy residents has been contentious as he has repeatedly called for raising taxes on the rich.

Ken Griffin, CEO of Citadel, was singled out in a social media video by Mamdani when the New York City mayor announced a new tax on luxury second homes in the city. Griffin responded by saying that Citadel makes decisions on decades-long horizons and would outlast any single mayoral administration.

“We intend to be here for decades, and he will be here for a few years,” Griffen said at Goldman Sachs’s Apex Symposium on June 2.

Griffin also called out democratic socialists, “whether it’s Bernie Sanders, whether it’s Mamdani,” to “read a … history book for once and then tell us how to run our country.”