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New York Gained More Millionaires Than It Lost During the Pandemic
The Empire State’s seven-figure club is swelling, far outpacing the number of ultra-wealthy households that left between 2020 and 2022.
Residential skyscrapers along Billionaires' Row across from Central Park in Manhattan, New York.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
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.