{"id":124036,"date":"2024-11-10T00:35:45","date_gmt":"2024-11-09T17:35:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=124036"},"modified":"2024-11-10T00:35:45","modified_gmt":"2024-11-09T17:35:45","slug":"ny-lost-9-billionaires-this-year-heres-how-their-absence-is-bad-news-for-every-new-yorker","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=124036","title":{"rendered":"NY lost 9 billionaires this year \u2014 here&#8217;s how their absence is bad news for every New Yorker"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>The Big Apple\u2019s billionaires are hemorrhaging cash.<\/p>\n<p>Nine New York-based billionaires fell off this year\u2019s Forbes 400 list of wealthiest Americans \u2014 and 18 have dropped off in the past five years.<\/p>\n<p>Of those who didn\u2019t make it back onto this year\u2019s list, one died \u2013 investor Jim Simons \u2013 and the rest saw declining fortunes.\u00a0<\/p>\n<p>Fortress Investment Group Chairman Wesley Edens saw his net worth plummet to $2.7 billion this year from $3.9 billion in 2023, knocking him out of the top 400.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Investor Jim Simons did not appear on this year\u2019s Forbes roundup because he died in May.  <span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>Similarly, cosmetics mogul Est\u00e9e Lauder\u2019s granddaughter, Jane Lauder, is now worth $1.6 billion, less than half her $3.4 billion last year.<\/p>\n<aside class=\"single__inline-module aligncenter wp-block-nypost-editor-primary-tag\">\n<\/aside>\n<p>Gotham remains home to the most billionaires of any American city, with 41, worth a collective  $517.5 billion, according to this year\u2019s Forbes roundup.\u00a0<\/p>\n<p>Los Angeles and San Francisco are second with 15 billionaires each. Austin, Texas, is second to the Big Apple when measuring billionaires\u2019 net worth, at $382.2 billion.<\/p>\n<p>\u201cNew York remains the financial capital of the world, and is home to many generations of wealthy families,\u201d observed National Tax Foundation vice president Jared Walczak. \u201cNew York City has kept many high-wealth individuals because it has a lot to offer that most cities simply don\u2019t.\u201d<\/p>\n<p>But the fluctuating fortunes \u2014 subject to the high volatility of the stock market and corporate valuations \u2014 leave state tax coffers lighter by many millions, experts told The Post.\u00a0<\/p>\n<p>The state on the top 1% of earners, who are taxed at an eye-popping 14.8%, for almost half of its tax receipts.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Fortress Investment Group Chairman Wesley Edens saw his net worth plummet to $2.7 billion this year from $3.9 billion in 2023.  <span class=\"credit\">BLOOMBERG NEWS<\/span><\/figcaption><\/figure>\n<p>\u201cThis is extremely volatile revenue that can dry up quickly and with little warning,\u201d said Ken Girardin, research director for the Empire Center for Public Policy.\u00a0<\/p>\n<p>\u201cNew York operates costly and inefficient public schools, Medicaid and mass transit systems that have grown accustomed not only to spending that income, but for that income to continue growing,\u201d he said.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jane Lauder (right) is now worth $1.6 billion, less than half her $3.4 billion last year. <span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Girardin warned: \u201cAlbany will eventually face a painful reckoning as the political class keeps demanding more revenue from taxpayers rather than better outputs from its own operations.\u201d<\/p>\n<p>Additionally, he pointed out, the state is \u201cplaying a dangerous game\u201d as work environments grow more mobile, giving New Yorkers the ability to move to less costly states.<\/p>\n<p>Over the past five years, billionaires including investor and Washington Commanders owner Josh Harris, hedge funder Daniel Och and investor Carl Icahn<a href=\"https:\/\/nypost.com\/2023\/11\/11\/metro\/new-york-loses-10-billionaires-in-four-years-as-magnates-flee-for-florida\/\"> relocated from the Big Apple to Florida<\/a>.\u00a0<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>\u201cAre more people who can afford to put themselves in a different tax haven going to do it? The answer is yes,\u201d mused John Catsimatidis (right).  <span class=\"credit\">Patrick McMullan via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cAre more people who can afford to put themselves in a different tax haven going to do it? The answer is yes,\u201d mused NYC-based supermarket mogul <a href=\"https:\/\/pagesix.com\/2024\/10\/07\/gossip\/john-catsimatidis-mulling-mayoral-run-if-eric-adams-is-ousted\/?_gl=1*129g5qx*_ga*MjEwNjMwMTEzLjE2NjQzMDQyNzc.*_ga_0DZ7LHF5PZ*MTczMTA4NjAxNy40MDAuMS4xNzMxMDg2MDQ5LjI4LjAuMA..\">John Catsimatidis<\/a>.\u00a0<\/p>\n<p>Catsimatidis, who is worth $4.5 billion, cited sky-high taxes and quality of life issues as reasons his fellow magnates are fleeing New York.\u00a0<\/p>\n<p>\u201cThe quality of life in Florida is much better because they don\u2019t have a woke culture and law enforcement,\u201d he said.\u00a0<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/nypost.com\/2024\/11\/09\/us-news\/ny-lost-9-billionaires-this-year-heres-how-their-absence-is-bad-news-for-every-new-yorker\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Big Apple\u2019s billionaires are hemorrhaging cash. Nine New York-based billionaires fell off this year\u2019s Forbes 400 list of wealthiest Americans \u2014 and 18 have dropped off in the past &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=124036\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-124036","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124036"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124036\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}