The Big Apple has long been associated with big money. According to research from Henley & Partners, New York City is the wealthiest city in the U.S. Millionaires, centimillionaires and even billionaires call Manhattan — or one of its neighboring boroughs — home.
But are the ultra-wealthy starting to think twice about living in NYC? Since the election of Zohran Mamdani as New York’s mayor, there’s been chatter in financial circles that the New Yorkers boasting the highest net worths, respectively, are leaving the city that never sleeps in light of Mamdani’s pledge to hike up taxes for millionaires. This includes a promise to impose a flat 2% tax on New Yorkers who earn more than $1 million per year, according to The Daily Economy.
In a video posted on his YouTube channel, self-made millionaire, financial influencer and loyal New Yorker Ramit Sethi shot down rumors that millionaires are leaving NYC.
Here are some key reasons why, according to Sethi, even the richest of the rich are staying put. Their reasons could make sense for you to stay (or relocate to) NYC if you’re looking to build wealth.
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The Wealthy Have Access To a ‘Money-Making’ Network
New York City isn’t just the wealthiest city in the U.S; it’s also the wealthiest in the world. Hands down, according to Travel and Leisure.
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.
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Rich People Don’t Act on Emotion Alone
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 a little would go against the very belief system that enables you to get rich.
“Rich people don’t make emotional money decisions,” Sethi said. Instead they work with their financial team to come up with a plan that will continue to behoove them and augment their net worth.
Wealthy People Care About Things Other Than Saving Money
Sethi’s bottom line: New York is an awesome place and it brings a great deal of value to the lives of those who call it home. Part of the point of making a lot of money is enjoying where you live. Plus, when you’re very wealthy you can afford not having to choose between a fulfilling life and a financially solvent life. They can coexist.
Whether you’re already rich or on your way to achieving wealth, it’s important to understand that once you’ve made it, you can relax a little, even if it means paying a little extra to live in the city you love the most.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 3 Reasons Millionaires Stay in the Most Expensive City in the US, According to Ramit Sethi
