New York City’s wealthiest people are feeling the financial pinch of living in the Big Apple, and that has served to lift Beijing into the top spot for billionaires.
The Chinese capital now has 100 billionaires to the 99 in New York City, according to a list from Forbes.
In a New York Post story, several people spoke out about the differences among places to live, and indicated the tax burden will further reduce the city’s billionaire presence.
A new state tax increase, too, places further concern with those billionaires.
Among a few specifics from Forbes via the Post:
Worldwide billionaires increased 32 percent to a total of 2,755.
The recovery from the pandemic allowed that number to ballon by 660 over a year ago, as investors rode the stock market momentum.
Beijing grew its number by 33; New York City by only seven.
“I personally know countless millionaires and billionaires who have left,” Ronn Torossian, founder and CEO of 5W Public Relations, told the Post, adding that he’s thinking strongly about uprooting his company and its 200 employees from Manhattan with an eye on South Florida.
Manhattan supermarket magnate John Catsimatidis is worth $3.3 billion.
“New York is being destroyed,” he said. “I was in Palm Beach last weekend, and I met more millionaires and billionaires who have moved recently than you have hair on your head. The key is they stay in Florida enough days each year to avoid New York taxes.”
It’s not all bad: Beijing’s billionaires are trailing NYC’s in net worth, $550 billion per rich person to “only” $490 billion.
Former Mayor Michael Bloomberg was once again the Big Apple’s wealthiest person, and No. 20 in the world, with $59 billion. TikTok head Zhang Yiming, with $35.6 billion, was Beijing’s leader.