The Intelligence from The Economist Manhattan transfer: New York’s finance folk flee
23 snips
Oct 30, 2025 
Mike Bird, Wall Street editor, discusses the exodus of finance professionals from New York, citing high taxes and living costs as key factors. Avantika Chilcotti reveals a shift in drinking habits, pointing to a decline in Western alcohol consumption and the rise of non-alcoholic options. Corbyn Duncan introduces the Chinese rapper Sky is Your God, exploring his unique blend of Cantonese opera and catchy beats that have captivated global audiences, showcasing the evolution of rap in China.
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New York's Financial Base Is Shrinking
- New York's share of finance jobs fell from 11.5% in 1990 to 7.7% by Aug 2023, eroding its fiscal base.
- That shrinkage threatens a tax-and-spend model reliant on high-paid finance workers, says Mike Bird.
Costs And Taxes Drive Financial Exodus
- High business taxes and extreme living costs push firms and workers away despite sector growth nationwide.
- Since 2020 only 18,000 of 229,000 new US finance jobs were in New York State, Mike Bird notes.
Departure Of The Ultra‑Rich Strains Budgets
- A notable share of ultra‑high earners have left: about 10% of those earning $10m+ moved out between 2018 and 2023.
- Losing these taxpayers strains funding for generous welfare and education spending in New York.