New York City isn't just the city that never sleeps; it’s the place where the most money on the planet comes to roost. It’s kinda wild when you think about it. Despite all the talk of a "mass exodus" to Florida or Texas, the 2026 data shows that billionaires in New York City are still very much a thing. In fact, according to the latest Henley & Partners report, New York remains the wealthiest city in the world.
One in every 22 New Yorkers is a millionaire. Let that sink in for a second. While you're standing in line for a $6 bagel in Brooklyn, there’s a statistically decent chance the person behind you has seven figures in the bank. But the real heavy hitters—the ones with ten figures—are in a league of their own.
The Titans of the Five Boroughs
Who are these people? Honestly, the list changes more than you’d expect because of the sheer volatility of the stock market. But at the top of the heap, you've still got Michael Bloomberg. As of early 2026, Bloomberg's net worth is hovering around $109 billion. He’s the undisputed king of New York wealth, mostly thanks to that financial data empire he built decades ago.
Then you have Julia Koch and her family, with a fortune estimated at roughly $81 billion. They represent the "old guard" of diversified industrial wealth. But there’s a new breed moving in. Take Edwin Chen, the artificial intelligence mogul. At just 37 years old, he’s already worth $18 billion. He represents the shift from Wall Street dominance to the "Silicon Alley" tech boom that’s been quietly taking over Manhattan.
It's not all hedge funds anymore. Although, let's be real, finance is still the heartbeat. Stephen Schwarzman of Blackstone and Israel Englander of Millennium Management are still massive players, with Schwarzman sitting on over $54 billion.
Why They Haven't Actually Left
You've heard the rumors. The "Mamdani Effect" was supposed to scare everyone away. New York City’s 112th Mayor, Zohran Mamdani, took office in January 2026 and immediately pushed for a millionaire’s tax. The proposal suggested hiking the city's top rate to 5.9%. If you add that to the state’s 10.9% tax for those earning over $25 million, you’re looking at a total tax bite of nearly 17%.
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People predicted a stampede to Miami.
But guess what? It didn't happen. Real estate data from early 2026 shows that luxury home sales for properties over $4 million actually jumped by 11%. John Catsimatidis, the billionaire owner of the Gristedes supermarket chain, threatened to sell his business and leave, yet the "boomerang wealthy" are actually moving back.
Why? Because New York has something Florida doesn't: the network.
Billionaires aren't just looking for tax breaks. They're looking for proximity. When you’re managing a family office or a hedge fund, being ten minutes away from your competitors and your collaborators matters. Plus, the culture is a hard drug to quit. You can’t get a 2:00 AM omakase in a suburban gated community in Palm Beach.
The Real Estate Reality on Billionaires' Row
If you walk down 57th Street, you're looking at what people call Billionaires' Row. These are the "supertalls"—buildings like 220 Central Park South and 432 Park Avenue.
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- 220 Central Park South: Still the gold standard. Ken Griffin famously paid $238 million for a penthouse here, and it remains the most prestigious address in the city.
- Central Park Tower: The tallest residential building in the world. It’s where the views are so high you basically see the curvature of the earth.
- The Tribeca Shift: While 57th Street is for the "look at me" wealth, the "quiet money" is moving to Tribeca. High-net-worth buyers are snapping up whole-floor units for the privacy.
Brokerages like Olshan Realty reported that in 2025 alone, buyers spent nearly $12 billion on luxury homes in Manhattan. That’s not the behavior of people who are planning to move to Austin next week.
Misconceptions About the "Billionaire Flight"
There's this idea that billionaires are constantly moving their primary residence to avoid taxes. While some do, research from the Fiscal Policy Center shows that the top 1% of New Yorkers actually leave the city at one-quarter the rate of other income groups.
The wealthy are "sticky."
They have deep roots, philanthropic boards, and social circles that are anchored in the city. A 2% tax hike is annoying, sure. But is it worth losing your seat at the table of the most powerful city on Earth? For most, the answer is a hard no.
The Wealth Gap and the 2026 Landscape
It’s not all glitz and penthouses. The wealth gap in New York is wider than ever. While there are roughly 93 billionaires in the state (with the vast majority in the city), the poverty rate has seen a 31% increase over the last decade.
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This creates a weird tension.
Mayor Mamdani’s administration is using the threat of wealth flight to fund ambitious projects like free city buses and universal childcare. It’s a high-stakes game of chicken. The city needs the tax revenue from the ultra-wealthy to function—the top 1% pay more than 40% of the city’s income taxes—but it also needs to address the fact that the average New Yorker is struggling to pay rent.
Actionable Insights for the Rest of Us
You don’t need a ten-figure net worth to navigate the New York economy, but you can learn from how the "smart money" is moving.
- Watch the Real Estate Trends: If you’re looking to invest, follow the tech hubs. Areas like the Financial District and Long Island City are seeing massive infusions of capital because that’s where the younger, tech-focused billionaires are setting up shop.
- Follow the Infrastructure: Billionaires invest where the city is growing. Keep an eye on the neighborhoods where new subway lines or "green zones" are proposed.
- Understand the Tax Laws: Even if you aren't a billionaire, the new 2026 tax structures in New York affect everyone. Stay informed on how the city’s budget shifts might impact your local services or property values.
New York City remains the ultimate arena for the world's most successful—and controversial—individuals. Whether it’s the old-school finance titans or the new AI innovators, the city’s gravity is simply too strong for most to escape.
To keep a pulse on the city’s shifting economy, keep an eye on the quarterly luxury market reports from firms like Olshan or Compass. These numbers usually tell the real story long before the headlines catch up. Focus on the data, not the drama.