NYC Billionaires Are Richer Than Ever as Mamdani Pushes for Higher Taxes

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.