New York progressives have long pointed to the state’s growing number of millionaires as proof that their “tax the rich” agenda has worked. But a Washington Examiner analysis of the Citizens Budget Commission’s annual estimates found that New York lost an estimated $51.5 billion in personal income-tax revenue between 2011 and 2022 because its share of the nation’s millionaires fell below its 2010 level.

Over 33,000 residents with incomes above $1 million lived in New York in 2010. Twelve years later, the number jumped to over 67,000. Progressives often cited the growing millionaire population when New York City Mayor Zohran Mamdani floated a 2% tax on millionaire income to expand the city’s safety net.