NYC lost $9 billion of income to Miami, Palm Beach in five years

Safi 30,000 New York residents fled to the city to Palm Beach provinces in Florida and Miami Deed provinces in the five years until 2022, with them with them $ 9.2 billion of income, according to a new report.

Two provinces in Florida have gained families acquiring more than six numbers, according to the report issued on Wednesday by the Citizen Budget Committee, a non -partisan financial control body. Nearly 20,000 people have left an income for the individual of about $ 190,000 New York City to Palm Beach during that time, while more than 26,000 people get an individual income of about $ 266,000 who went to Miami Dead, according to the group.

The Korona virus pandemic, the cost of living and some fears of the quality of life made other parts of the country more attractive to some of the population of New York City. States such as New Jersey, Florida, California and Pennsylvania have obtained residents moving from New York during the covered period in the report, according to CBC data.

“Our competitiveness is partially dependent on the quality of life and public safety,” Andrew Ryan, CBC president, said during a press conference before issuing the data. “This is the value suggestion. If you feel safe and enjoy your life, you want to be here.”

Not everyone left the city leaving the state. A network of about 138,000 city residents moved to Long Island in New York during those years, which reduced the total income amended by Big Apple by $ 11.1 billion, according to CBC data. The Weststers Province, north of the city, has gained nearly 60,000 new populations, and reduced the city’s total income in the city by $ 5 billion.

While the total number of millionaires in New York was swollen from about 36,000 in 2010 to nearly 70,000 in 2022, the state’s share of the American millionaires has already decreased, according to the report. In 2010, New York was home to 12.7 % of the owners of the millionaires in the province, a rate that decreased to 8.7 % by 2022, even with the increase in states such as California, Texas and Florida, their shares increase from the richest people in the country.

Tracking the movements of millions of millions in New York has become a charged political issue because the highest 1 % of the city’s tax managers are paying 40 % of income taxes.

CBC data also dismantles immigration outside the city by race, race, income and age. Since 2018, the population loss in New York City has led the highest owners and also the millennial generation, who were born in the 1980s and early 1990s.

CBC said that the total population of New York City increased in 2023 and 2024 after six years of decline, due to international migration to the city.

This story was originally shown on Fortune.com

2025-04-30 16:08:00