New York needed millionaires and it got migrants instead
September 3, 2025by philg
New York has been substantially enriched by migrants in recent decades, especially from 2021-2024. After careful analysis, however, it seems that “New York Needs More Millionaires” (New York Times, August 28, 2025):
The rate at which New York State has been adding millionaires to its population in recent years has fallen below that of other large states, potentially costing the state billions in unrealized tax revenue, according to a new report from a nonpartisan fiscal watchdog group.
At the same time, California, Florida and Texas had large increases in the number of people with annual incomes of at least $1 million residing in their states, all adding them at a faster rate than New York did from 2010 to 2022. The millionaire population in New York nearly doubled over that same time period, but it more than tripled in those other states.
Note that “millionaire” is not a peasant who owns a $1 million house outright, but rather someone who earns at least $1 million every year. The word has been updated for inflation, apparently!
https://philip.greenspun.com/blog/2025/09/03/new-york-needed-millionaires-and-it-got-migrants-instead/
