New York's share of millionaires dropped from 12.7% to 8.7% between 2010 and 2022, the largest decline of any state, costing the state roughly $10.7 billion in tax revenue. The article frames this as evidence that high taxes and progressive policies drive away wealth, but omits crucial context: the decline occurred during a period when wealth overall concentrated nationally, and wealthy Americans are still migrating at lower rates than middle-class residents fleeing for affordability. The piece cherry-picks the most advantageous statistics (millionaire share rather than total state wealth or per-capita income) and attributes the migration primarily to taxes without examining economic restructuring, remote work, and demographic shifts that benefit Sunbelt states regardless of tax policy.