No, the available evidence does not show a record current exodus of millionaires from New York City. New York's high-income address changes peaked in 2020 and declined each year through 2024. "Millionaire" also needs clarification. These reports usually count tax returns with at least $1 million in annual adjusted gross income, not people with a net worth above $1 million.
Table of Contents
- What New York State's numbers show
- What the NYC-specific evidence says
- Is New York City losing its millionaire population?
- Why "wealth migration" can mislead readers
- How to evaluate the next millionaire-exodus claim
What New York State's numbers show
New York State recorded 1,679 millionaire-return address changes to another state in 2024. That represented 2.49% of its 67,418 returns reporting at least $1 million in state adjusted gross income. The comparable 2020 figures were 3,303 address changes and 6.09%.
According to the New York State Department of Taxation and Finance migration data, the 2024 rate was close to the 1.71% to 2.48% range recorded from 2017 through 2019. Even among returns reporting more than $25 million, the 2024 outflow rate was 2.67%. That was well below the group's 8.57% peak in 2021.
What the NYC-specific evidence says
City data also show that the pandemic-era outflow eased. The New York City Comptroller's analysis found a 2023 net balance of negative 328 millionaire returns and negative $0.6 billion in adjusted gross income. In 2020, the comparable balance was negative 2,116 returns and negative $10.2 billion.
The direction remained outward in 2023, but the scale was far smaller than at the pandemic peak. This measure covers part-year New York State filers who ended the year outside the state. It cannot identify moves between New York City and another part of New York, and reported income may include earnings generated elsewhere.
Is New York City losing its millionaire population?
Not in absolute terms over the period covered by the longer-run evidence. The city had about 34,000 filers reporting million-dollar adjusted gross income in both 2022 and 2023, after exceeding 35,000 in 2021. The New York City Independent Budget Office also found that millionaire filers' shares of city income and personal income tax returned to historical ranges in 2023.
However, New York City has lost relative ground nationally. Its share of U.S. million-dollar-income filers fell from 6.5% in 2010 to 4.2% in 2022, even as its count rose from 18,355 to 33,765, according to the Citizens Budget Commission. That change does not prove migration caused the decline.
Why "wealth migration" can mislead readers
The available statistics measure different things. None provides a complete count of wealthy individuals leaving New York City.
IRS migration estimates also rely on address changes across matched tax returns. The IRS introduced an enhanced matching series for 2022–23, so comparisons across that change require care.
- Tax returns approximate households, not individual people.
- Million-dollar adjusted gross income measures annual income, not accumulated wealth.
- State address changes do not isolate New York City.
- Part-year filer data capture only part of the city's migration flow.
- A declining national share can occur while the city's millionaire count rises.
How to evaluate the next millionaire-exodus claim
First, check whether the source means New York City or New York State. Then confirm whether "millionaire" refers to income, net worth, or investable assets. Next, compare the reported outflow with earlier years rather than quoting a standalone count.
A large number may still represent a small percentage of the relevant taxpayer group. Finally, look for the measurement period and data limitations. Readers can inspect the state's millionaire address-change figures and IRS-based results through the New York tax migration dashboard, which currently extends the state series through 2024.