"Rich people who've gotten rich in part by being in the richest city in the world don't want to risk "gambling away the ecosystem that often was what made them rich in the first place," Sethi said. New York City isn't just the wealthiest city in the U.S; it's also the wealthiest in the world."
"If you're a self-made millionaire, you know that one of the top rules you must adhere to is to never turn an emotional reaction into a financial decision. Fleeing NYC because you're upset that your taxes may go up represents exactly this type of emotional financial choice."
New York City maintains its position as the wealthiest city globally, attracting and retaining ultra-high-net-worth individuals despite recent political changes. Following Zohran Mamdani's election as mayor and his proposal to impose a 2% tax on millionaires, speculation emerged that wealthy residents would relocate. However, financial influencer Ramit Sethi argues that the ultra-wealthy are staying because they recognize the irreplaceable value of NYC's wealth-building ecosystem and professional networks. Self-made millionaires understand that abandoning the city would mean sacrificing the very infrastructure that enabled their financial success. Additionally, wealthy individuals typically avoid making major financial decisions based on emotional reactions, instead evaluating long-term strategic benefits over short-term tax concerns.
#wealth-and-millionaires #new-york-city-economics #tax-policy #financial-decision-making #professional-networks
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