Story perspectives

New Yorkers Flee to Connecticut as Millionaire Tax Revenue Plummets

8/30/2025

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Summary

Story summary

A report from the Citizens Budget Commission indicates New York's millionaire growth lags behind Florida and Texas, risking tax revenue.
New York's millionaire population has decreased by 31%, resulting in a $13 billion loss in potential tax revenue in 2022.
High taxes and declining living conditions are prompting millionaires to consider relocating, particularly to Connecticut.
The upcoming mayoral election is shaping discussions on tax policies affecting wealthy residents.
Real estate brokers note rising demand in Connecticut's luxury markets from relocating New Yorkers.

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Story summary

A report from the Citizens Budget Commission indicates New York's millionaire growth lags behind Florida and Texas, risking tax revenue.
New York's millionaire population has decreased by 31%, resulting in a $13 billion loss in potential tax revenue in 2022.
High taxes and declining living conditions are prompting millionaires to consider relocating, particularly to Connecticut.
The upcoming mayoral election is shaping discussions on tax policies affecting wealthy residents.
Real estate brokers note rising demand in Connecticut's luxury markets from relocating New Yorkers.