NYC Top 1% Only Get Richer in Counter to Fears of Mamdani Exodus

Zohran Mamdani’s victory in New York City’s Democratic mayoral primary is sparking yet another round of worry that the rich are about to abandon the Big Apple.

But the city stands a good chance of maintaining its long-time status as a haven for the wealthy, even if it ends up with a self-proclaimed socialist in City Hall. Recent shocks, including a devastating pandemic and expensive federal and state tax changes, haven’t dented New York’s overall wealth, even as a few high-profile billionaires have departed.

Zohran Mamdani

Photographer: Adam Gray/Bloomberg

More than 34,000 taxpayers earning $1 million or more lived in the city ...