New York gained thousands of new millionaires, new state data shows

And Heastie says Mamdani's property tax ultimatum is "a non-starter."

Good afternoon — It’s Wednesday and Quiet Day.

In today’s CapCon:

• New York quietly published data over the past week showing the state has gained thousands of millionaires in the two most recent tax years. Here are the numbers.

• State Budget Director Blake Washington said Wednesday that Hochul remains opposed to raising taxes on high-income earners, warning of outmigration.

• Supporters of those tax hikes descended on Albany Wednesday to pressure lawmakers to push harder for them in the state budget.

• Lawmakers and advocates said Wednesday they believe they have more momentum to change Hochul’s mind this year for at least two reasons.

• WATCH: We asked Assembly Speaker Carl E. Heastie to solve a Rubik’s cube and he obliged in what felt like record time.

• A new bill seeks to require insurers to make it easier for people to schedule medical appointments that aren’t months away.

Names in today’s CapCon: Blake Washington, Kathy Hochul, Carl E. Heastie, Andrew Cuomo, Zohran Mamdani, Andrea Stewart-Cousins, Batul Hassan, Jabari Brisport, Emily Gallagher, Heather Mulligan, Robert G. Ortt, Liz Krueger

---

News on the state budget, including proposals, negotiations and results.

Supporters of tax increases on high-income earners rallied and marched in Albany Wednesday (Dan Clark/Times Union)

💰 New York’s new data on millionaire tax filers shows a sharp increase in the last two years

When New York published data last year on personal income tax filings, those numbers showed a net gain of just five millionaires in the state in tax year 2023.

That might sound like old data but it was the latest available from the state at the time. Because it was posted in 2025, the data reflected tax filings from 2024, which reflected income earned in 2023.

But the state Department of Taxation and Finance quietly published new data at some point over the past week that both revised the numbers from 2023 and, for the first time, showed the state’s change in millionaires in 2024.

The new data indicates that New York gained far more than just five millionaires in 2023. The original data was preliminary. We now have concrete numbers.

But the other, and more timely, data point is how the number of millionaires in New York changed in 2024.

It’s the first time we’re seeing those numbers, which show the state gained thousands of millionaires that year.