The ultrawealthy are threating to leave if Zohran Mamdani institutes 2% tax hike on New York’s millionaire class. Go ahead - leave. As Nia Law and Lindsay Owens states in a Rolling Stones commentary:

The evidence for millionaire tax flight is scant. If high earners were truly fleeing high taxes, low-tax states would be swarming with millionaires. Instead, the highest concentrations of millionaires are found in high-tax states like Connecticut, Maryland, and New Jersey. And in these states, taxes levied on the highest earners have been broadly successful, with ​​Massachusetts’ millionaire tax generating an additional $2 billion in revenue than expected in the last year alone.

Wealth has a way of clustering. The wealthy tend to settle in places that reflect their status while offering exclusivity, cultural depth, and financial stability.

What draws them in?

• Global financial hubs that merge business opportunities with luxury lifestyles
• Cultural capitals rich with art, theater, and prestige
• Exclusive lifestyle enclaves known for security and refinement
• Thriving luxury markets that cater to high-end tastes

At the end of the day, affluent individuals are drawn to cities that deliver safety, exclusivity, opportunity, and cultural prestige — places where wealth feels “at home” among peers.

And in the U.S., no city embodies all of those qualities more completely than New York City.

So when it comes to taxing the rich? So when the wealthy threaten to leave? Let’s be honest — they’re not going anywhere.