A net 30,000 New Yorkers fled the city for the counties of Florida Palm Beach and Miami-Dade in the five years to 2022, taking with them a combined income of $ 9.2 billion, a newreportshows.
The two counties of Florida won households winning well above six figures, according to the report published Wednesday by the Citizens Budget Commission, a non-partisan tax guard dog. Nearly 20,000 people with a per capita income of around $ 190,000 left New York for Palm Beach during this period, while more than 26,000 people with an per capita income of around $ 266,000 went to Miami-Dade, according to the group.
The coronavirus pandemic, the cost of living and certain concerns of the quality of life have made other parts of the country more attractive for certain residents of New York. States like New Jersey, Florida, California and Pennsylvania obtained residents moving from New York during the period covered in the report, according to CBC data.
“Our competitiveness depends in part on the quality of life and public security,” said CBC president Andrew Rein during a press conference before the data publication. “This is the value proposition. If you feel safe and love your life, you will want to be here. ”
Everyone who leaves the city did not leave the state. A net of nearly 138,000 city residents moved to New York in New York in these years, reducing the gross adjusted income of the Big Apple by $ 11.1 billion, according to CBC data. The County of Westchester, just north of the city, won nearly 60,000 new net residents, reducing the city's gross adjusted income by $ 5 billion.
While the total number of millionaires in New York has increased from nearly 36,000 in 2010 to nearly 70,000 in 2022, the state of the American millionaires has effectively decreased, according to the report. In 2010, New York housed 12.7% of the county millionaires, a percentage that fell to 8.7% by 2022, while states like California, Texas and Florida saw their actions from the country to increase.
The monitoring of New York millionaire movements has become a difficult political problem because the largest 1% of the city's declarants pay 40% of income taxes.
CBC data also decomposes migration of the city by race and ethnic, income and age. Since 2018, the New York population loss has been led by its highest wages and also millennials, those born in the 1980s and in the early 1990s.
The global population of New York increased in 2023 and 2024 after six years of decline, due to international migration to the city, said the CBC.
This story was initially presented on Fortune.com
