Over a five-year span ending in 2022, around 30,000 people left New York City for Florida’s Palm Beach and Miami-Dade counties, bringing with them a staggering $9.2 billion in earnings, according to a new study.
The Citizens Budget Commission, a nonpartisan organization that monitors fiscal policy, reported Wednesday that these Florida destinations saw an influx of affluent households. Palm Beach attracted nearly 20,000 individuals with average incomes of roughly $190,000, while Miami-Dade welcomed over 26,000 people whose average income was around $266,000.
Several factors—ranging from the financial burden of living in New York to pandemic-driven lifestyle changes—have motivated many to seek out more affordable or appealing alternatives. The report shows population gains in states such as New Jersey, Florida, California, and Pennsylvania, all of which benefited from New York City’s out-migration during that period.
“Our competitiveness depends in part on quality of life and public safety,” CBC President Andrew Rein told reporters ahead of the report’s publication. “That’s the value proposition. If you feel safe and you enjoy your life, you’re going to want to be here.”
Of course, not all those who exited the five boroughs went far. Nearly 138,000 New Yorkers moved to Long Island, resulting in a loss of $11.1 billion in adjusted gross income for the city. Westchester County, just beyond the city’s northern edge, gained close to 60,000 residents during the same timeframe, reducing the city’s taxable income base by another $5 billion.
Although New York saw its millionaire population nearly double from 36,000 in 2010 to close to 70,000 by 2022, its share of the nation’s millionaires actually shrank. Twelve years ago, the Empire State was home to 12.7% of the country’s wealthiest individuals, a proportion that dropped to 8.7% by 2022. Meanwhile, states like Texas, California, and Florida expanded their share of millionaire residents.
This shifting demographic of high earners is more than just a statistic—it’s a political flashpoint. In New York City, the top 1% of earners are responsible for contributing about 40% of total income tax revenue, making their departure particularly consequential.
The Citizens Budget Commission also examined migration trends by demographic categories, highlighting patterns based on race, ethnicity, age, and income. Since 2018, the groups leading the exodus from the city have been its wealthiest residents and millennials—those born in the 1980s and early 1990s.
Despite years of losses, New York City saw a population uptick in both 2023 and 2024, thanks to rising numbers of immigrants arriving from abroad, according to the CBC.

{Matzav.com}