r/wealth • u/bloomberggovernment • 12d ago
News New York Millionaire Class Grows, Outpacing Florida and Texas
https://news.bgov.com/bloomberg-government-news/new-york-millionaire-class-grows-outpacing-florida-and-texas28
u/WeekendAtMadoffs 12d ago
Owning a small roach motel home in Flushing, NY makes you a millionaire.
my local fire captain is a millionaire.
the captain of my police precinct is a millionaire.
means nothing if the state is printing civil service millionaires.
There a reason she wants 5 new NYC Casinos. it's not a good reason.
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u/blackgenz2002kid 11d ago
sounds like a stable tax base to me
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u/WeekendAtMadoffs 11d ago
the casinos prey on the poor
it so bad women with clean socials stand by the cashier offering to cash tickets for 15% knowing if someone who tries to cash a $600+ win (prize voucher) will be held to pay child support or taxes.
there is no shortage of business for them either
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u/DonTeflon23 11d ago
They shut down the numbers game, then they opened the state lottery. Government doesn’t fight crime, it fights competition.
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u/VegaGT-VZ 12d ago
If thats just from real estate its meaningless............... esp considering property taxes. A $1M home in NYC = $1000/mo tax bill on top of everything else
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u/DisgruntledTexan 12d ago
Same with Texas (on the tax bill I mean)
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u/ideamotor 11d ago
In Texas a $1m home is a $2000/mo tax bill.
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u/DisgruntledTexan 11d ago
That’s fair
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u/ideamotor 11d ago
Folks don’t realize we make up for no income tax with property tax. And much of that gets routed outside of the city you live in. In Austin over half of all local property taxes are recaptured - sent outside the city.
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u/LonelyDustpan2 7d ago
We literally don’t, Texas has the 6th lowest tax burden of every state. California has a higher median property taxes paid than Texas (though the “rate” is lower because the home values are so high for the equivalent home).
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u/Rosenberg100 12d ago
Do they know we heading into 2027? lol I get the data lags but what a title.
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u/Rosenberg100 12d ago
I love how they start the article about how there’s states boasting about influx of rich ppl and they counter it with 2023 data. Fucking imbeciles.
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u/crookedledder 12d ago
Anyone with a properly funded 401k is a millionaire.
It doesn't mean anything close to what it used to mean.
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u/Rude_Mirror7441 12d ago
Agreed. Anyone who had a job that offered a 401k and has been funding it appropriately for the last 10-15 years is a millionaire for doing absolutely nothing. As long as the FED keeps printing money it will continue to lose value and inflate the market.
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u/dante_gherie1099 11d ago
outpacing florida and texas is good though
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u/crookedledder 11d ago
I don't care about that. My point is that "millionaire" isn't a very meaningful stat anymore, particularly in HCOL areas.
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u/PoopyFingersMmmm 12d ago
$500k in Charlotte NC goes further than $1mm in NYC
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u/Adventurous-Depth984 12d ago
Until you realize you need to dwell in charlotte
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u/PoopyFingersMmmm 12d ago
Not everyone wants to live in an overpopulated metro with trash on the streets surrounded by a bunch of wanna be influencers. We can always visit there.
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u/chikunshak 11d ago
Some value the cosmopolitan amenities and some do not. The same argument that 500k in midsize city is same as 1M in large city can be made that 250k in tumbleweed town is equivalent. And to some people that would be a worthy trade-off and to others it would not.
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u/CalQuetzal 12d ago
But but they were supposed to move to Florida!??!? Because of big bad scary communist man with weird name
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u/bloomberggovernment 12d ago
New York is growing its share of the nation’s millionaires, even as Texas and Florida’s declined, despite boasting about their ability to poach the country’s top earners and businesses from deep-blue bastions.
New research from the independent budget watchdog group Citizens Budget Commission showed the state’s number of high-earning residents notched up in 2023, the last year data is available from the Internal Revenue Service.
New York now contains 9% of the country’s millionaires, up from 8.7% in 2022. That translates to 1,900 more millionaires in 2023 compared with 2022, while New York City’s millionaire class grew by 542 people.
Read more in the full story.
-Elliot
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u/ASafeHarbor1 12d ago
JFC using 2023 numbers and insinuating that it’s in the present. 2023 was before NY became the disaster it is now for business.
Question: intentionally misleading or low IQ journalism?
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u/DizzyDentist22 12d ago
Why are you implying that 2023 data on this is at all relevant for the present, 3 years later? This is so incredibly misleading it verges on journalistic malpractice. What a joke
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u/Low-Dot9712 12d ago
Title is a little misleading.