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The Millionaire In NY Are Shifting To Cheaper Cities

It is expected that this year New York is going to lose more of its multi-millionaires. This is because more number of highly paid executives is leaving for Florida and other such states. This is mainly because they do not want to pay the heavy taxes imposed by New York State. Another reason is the rising living cost in the city.

According to Alan Johnson, who is the CEO of John Associates, governor or the mayor of the city do not want to comment on the fact that highly paid officials are leaving the city. This agency is based out at New York and they are mainly a compensation consultation firm. While many individuals are re- locating, the financial institutes are also shifting their offices. The main low cost areas in focus, as per the agency are Texas, Fla, Austin and Tampa. Most of the people who left the city in 2016 were rich bankers. For this reason, New York faced a loss of $8.4 billion to the other states. When the last year’s data was considered, it was seen that the amount of loss has increased by $4.6 billion. This is as compared to the data available from past 4 years.

On the positive side, the employee count rose to 4700. The employee bonus decreased by almost 17% (which is approximately $153, 700), the profits in the securities industry rose by 11%. This amounted to $27.3 billion in 2018.

At present the 2019 budget for New York is expected to be a further decrease in the bonus percentage by 9%. This statistics is in reference to the financial workers of New York. This prediction is keeping in mind that more financial workers might leave the city in this year. The company also informed that Wall Street is not going to reduce its pay in this year.

David Lamy
David Lamy Author

David Lamy owns the Bachelor in Atmospheric Science Degree. He is associated with Industry News USA from last 2 years. With proficiency in his work, David obtained a strong position at Industry News USA and heads the Science section. “Weather forecasting” is the field of his interest. He bags total 5 years of experience in this field. Apart from his routine work, David loves to explore his cooking skills. He has participated in various cookery shows.

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