09/05/2026
Y'all, the battle between states to attract wealth is heating up, and Texas is clearly winning big while others are missing out!
Recent reports show that New York’s share of America’s millionaire households fell from 12.7% in 2010 to 8.7% in 2022. Because high-income earners pay roughly 44% of all personal income taxes in the Empire State, analysts calculate that if New York had simply maintained its 2010 market share, it would have collected an extra $10.7 billion in 2022 alone.
Now, here is the real nuance. It isn't that New York's millionaires all packed up and left overnight. In fact, the absolute number of millionaires living there actually doubled over that decade. The issue is that the rest of the country is growing its wealth so much faster. During that exact same time period, business-friendly states like Texas and California saw their millionaire populations completely triple, and Florida quadrupled its wealthy residents.
When the nationwide explosion of new wealth happens, people are increasingly choosing to base their businesses and lives in places like Texas instead of high-tax states.
👇 Why do you think states like Texas are so successful at attracting new businesses and high-income earners compared to the rest of the country?