The loss of the super-wealthy isn’t just a matter of reputation. The exodus of billionaires can crimp state budgets.
By Juliet Chung and Joseph De Avila Nov. 11, 2019 7:00 am ET President Trump’s recently announced adoption of Florida as his home state over his native New York follows a rich tradition of high-profile financiers who have ditched northeastern states for warmer climes with lower taxes.
Mr. Icahn, whose philanthropic stamp on New York includes Icahn Stadium on Randall’s Island and the Icahn School of Medicine at Mount Sinai, said he has lived in New York nearly his entire life and loved it. “But in the last few years, I believe that it is certainly no longer the city of my youth,” he said.
Connecticut, with a struggling economy, and New York have been shedding residents. Connecticut’s population of 3.57 million in 2018 represents a decline of 22,000 since its last peak in 2013, according to Census figures. New York’s population dipped to 19.54 million in 2018, marking a drop of about 119,000 from its last peak in 2015. New Jersey’s population has been rising.
Mr. Cooperman, 76 years old, said he saves more than two hours of commuting time daily because he works out of his home office in Florida, instead of commuting from New Jersey to Manhattan.
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