Why millionaires and billionaires keep moving to New York despite high taxes. Networking, deal flow, and access to investors matter more than tax rates. High-tax states like New York and California still attract wealth while low-tax places like Wyoming don't see the same surge.
New York City
123 billionaires
Reality number seven
Reality number seven. New York City keeps attracting millionaires. It's still the world's top millionaire city and it has 123 billionaires, also a record. Why is that? The truth is networking, deal flow, culture. These are all essential to the lifestyle they want. A New York City address means something. Executives here have access to media and investors and cultural energy that that you can't get in other cities. And remember, New York and California remain economic powerhouses despite high taxes. These states just keep attracting wealth and producing new millionaires. Meanwhile, there is no surge in the wealthy moving to Wyoming in droves despite the low taxes.
