This blue city attracted more taxpayers than anywhere else — but lost billions in wealth

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Gabriela von zur Muehlen, chief policy officer at the Texas Association of Business, says Texas’ low costs and strong supply chains help attract billionaires, CEOs and manufacturers. Wealthy Americans are continuing to flee high-tax states — and New York City is paying the price. Nowhere is that more apparent than in Manhattan. The borough led the nation in new tax filers between 2022 and 2023, but it still lost roughly $922 million in adjusted gross income as high-income taxpayers departed and were replaced by lower-earning newcomers. With the 2026 midterm elections approaching, the migration of high-income taxpayers is becoming more than a demographic trend — it's a political and fiscal test for governors and state lawmakers. Wealthy households contribute a disproportionate share of income tax revenue in states with progressive tax systems, making