The share of Americans earning $1 million or more annually and calling New York state home dropped by 4 percent from 2010 to 2022, the most recent year for which data were available, causing the state to miss out on $10.7 billion in annual tax revenue, according to a July 13 report by nonpartisan Citizens Budget Commission.
Although the number of such earners living in New York state nearly doubled during that period (from 35,802 in 2010 to 69,780 in 2022), the state’s share of all such earners in the United States dropped from 12.7 percent to 8.7 percent of the total.
Florida, Texas, and California each surpassed New York state in their share of this population as well as in headcount….