People have been saying it about NYC forever, but last I checked the millionaire+ population of NYC had grown, not shrunk.
Of course the number of millionaires has grown on an absolute basis given inflation and the strong stock market.
To control for this look at NYC's share of the nation's millionaires, which shrank from 6.5% in 2010 to 4.2% in 2022.
https://cbcny.org/research/hidden-cost-new-yorks-shrinking-m...
alt Hacker News
Of course the number of millionaires has grown on an absolute basis given inflation and the strong stock market.
To control for this look at NYC's share of the nation's millionaires, which shrank from 6.5% in 2010 to 4.2% in 2022.
https://cbcny.org/research/hidden-cost-new-yorks-shrinking-m...