New York Gained More Millionaires Than It Lost to Covid Shifts

New York’s growing class of millionaires is more than making up for the loss of high earners during the pandemic.

A strong economy helped mint an additional 17,500 millionaire households between 2020 and 2022, according to a report from the Fiscal Policy Institute. That’s far more than a net migration loss of 2,400 millionaires during the same period, the report shows.

The flight of high-profile billionaires and wealthy financiers from New York during the pandemic spawned a narrative that wealthy Americans were fleeing high-levy states for sunshine and low taxes in the Sun Belt. There was a 78% year-over-year spike in the out-migration ...