Economist Podcasts Manhattan transfer: New York’s finance folk flee
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Oct 30, 2025 
Mike Bird, Wall Street editor at The Economist, dives into the exodus of finance pros from New York, highlighting plummeting employment due to high taxes and costs. Avantika Chilkoti, global business correspondent, reveals the shifting trends in the drinks industry, noting a rise in non-alcoholic options and premium products. Corbyn Duncan introduces Sky is Your God, a Chinese rapper capturing global attention with his unique blend of Memphis rap and Cantonese opera, powered by viral TikTok fame.
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Financial Jobs Are Shrinking In NYC
- New York's share of finance jobs fell from 11.5% in 1990 to 7.7% by 2023, weakening its tax base.
- Mike Bird warns this 'definancialization' threatens the city's revenue model and long-term prospects.
Taxes And Costs Drive Talent Away
- High business and local taxes plus extreme living costs push firms and employees away.
- Mike Bird says talent is now easier to hire elsewhere, reducing New York's pull.
Finance Growth Bypasses New York
- Since 2020 the US financial sector added ~229,000 jobs, but New York State gained only 18,000.
- Mike Bird notes growth instead concentrated in Texas, Florida, North Carolina and Georgia.