A new analysis from the Citizen Budget Commission shows that New York’s share of America’s millionaires fell significantly between 2010 and 2022, dropping from 12.7% to 8.7%—the largest decline experienced by any state. The report estimates this shift reduced New York’s personal income tax collections by approximately $10.7 billion in 2022 alone.

Although the number of millionaires living in New York doubled during that 12-year period, other states saw even faster growth. California and Texas each tripled their millionaire populations, while Florida’s millionaire count quadrupled, pushing New York down to fourth place nationwide.

The report also comes as debate continues over New York City’s tax policies. Critics argue that Mayor Zohran Mamdani’s proposal to increase taxes on high-income earners could encourage more wealthy residents to relocate. According to the analysis, New York already has the highest per-capita state and local tax burden in the country, collecting 78% more than the national average.

Good work, Mamdani!