Zohran Mamdani has proposed a major change to New York's estate tax policy that could dramatically impact the city's wealthiest residents. Under the proposal, the current exemption on the so-called "death tax" would drop from $7.1 million to just $750,000, while the tax rate itself would increase from 16% to 50%.

Critics argue that such a drastic change could push high-net-worth individuals to move their wealth and potentially themselves out of the city. With 123 billionaires currently living in New York City and an average age of 67, many are already focused on estate planning and wealth preservation.

Financial advisors and business leaders warn that if the proposal were to pass, it could trigger a massive shift of capital, potentially leading to more than $1 trillion leaving New York as wealthy residents consider relocating to lower-tax states.