New York Sees Surge in Millionaires, Complicating 'Tax the Rich' Debate

Revised state data shows New York gained thousands of millionaires in 2024, even as lawmakers push for higher taxes on the wealthy.

Published on Feb. 25, 2026

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New data from the New York State Department of Taxation and Finance shows the state gained 12,694 millionaires in 2024, a significant increase from the preliminary data that had indicated just a small gain in 2023. This complicates the ongoing debate in the state legislature over raising taxes on high-income earners, as Governor Kathy Hochul has opposed such measures, citing concerns that it could drive wealthy residents to leave the state.

Why it matters

The surge in millionaires in New York is significant because it provides new context around the debate over raising taxes on the wealthy. Hochul and her allies have argued that such tax hikes could lead to an exodus of high-income earners and a loss of tax revenue for the state. However, the new data showing thousands of new millionaires in 2024 undercuts that argument and gives more leverage to lawmakers and advocates pushing for 'tax the rich' policies.

The details

The new data from the state's Department of Taxation and Finance shows that New York gained 12,694 millionaires in 2024, a dramatic increase from the preliminary data that had indicated just a net gain of 5 millionaires in 2023. This 2024 figure represents the second-highest increase in millionaires recorded in New York since 2016. The state now has 99,404 millionaires who paid income taxes in 2024.

  • The state published revised 2023 data and new 2024 data in recent days.
  • The 2023 data shows New York gained 499 millionaires, not just 5 as initially reported.
  • The 2024 data shows a surge of 12,694 new millionaires in the state.

The players

Kathy Hochul

The Governor of New York who has opposed raising taxes on high-income earners, citing concerns that it could drive wealthy residents to leave the state.

Blake Washington

The New York State Budget Director, who said Hochul remains concerned that high-income earners will leave the state and take their tax revenue with them if they're forced to pay higher taxes.

Zohran Mamdani

The Mayor of New York City, who has said that if the state doesn't allow the city to raise income taxes, he'll be forced to raise property taxes to fill a $5.4 billion budget gap.

Andrea Stewart-Cousins

The New York State Senate Majority Leader, who said she doesn't think it will come to the city having to raise property taxes.

Carl E. Heastie

The New York State Assembly Speaker, who said raising property taxes in the city is a 'nonstarter' and that he has 'no doubt' they will come to a resolution that helps the city.

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What they’re saying

“The governor believes that no New Yorker is dispensable, and she believes that none of this is inevitable — that the performance and the wonderful things we have in New York state that are funded by persons of high income, by businesses, it's not inevitable.”

— Blake Washington, New York State Budget Director (Times Union)

“Raising taxes on the ultra-rich isn't just the responsible and reasonable thing to do, it's also the politically popular thing to do.”

— Jabari Brisport, New York State Senator (Times Union)

“We're dealing with a totally different situation and it's a time-bound situation. If we don't fight now, we're going to lose the opportunity to fight at all.”

— Emily Gallagher, New York State Assemblywoman (Times Union)

What’s next

The state budget is due at the end of March, and lawmakers will continue to push Hochul to allow for tax increases on high-income earners during the budget negotiations.

The takeaway

The surge in millionaires in New York complicates the ongoing debate over 'tax the rich' policies, as Governor Hochul has opposed such measures citing concerns about wealthy residents leaving the state. However, the new data showing thousands of new millionaires in 2024 undercuts that argument and gives more leverage to lawmakers and advocates pushing for higher taxes on the wealthy.