Published 16 hours ago
New York City loses hundreds of billions in wealth as rich residents skip town
Many rich residents fled to the suburbs or vacation homes to escape the city
By Brittany De Lea FOXBusiness
New York hesitant to raise taxes fearing continued exodus of residents to low tax states: Gasparino
Sources tell FOX Business’ Charlie Gasparino that state and local governments are facing budget deficits amid the coronavirus pandemic and hoping for federal money to fill holes.
New York City’s total wealth has fallen by billions of dollars over the past year – amid a severe coronavirus outbreak that has driven the richest residents out of town.
According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 months ending June 30.
New York City’s total wealth was valued at $2.66 trillion, compared with $3 trillion during the same period last year.
https://www.foxbusiness.com/lifestyle/new-york-city-wealth-decline-rich-skip-town