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The Empire State is losing its grip as the nation’s financial services capital.

New York’s financial services industry – a great contributor to the state’s gross domestic product – has been imperiled by the plummeting population of high-income residents, who are fleeing amid towering taxes and rising housing costs, according to a sobering new study.

“As other states attract talent and investment in the sector, there is no guarantee of future success,” said the report from the Business Council of New York State.

“Addressing the states tax burden, business climate, and cost of living can help to ensure New Yorks position as a national and global leader for finance.”

Over the last three years, the top four states landing new high-paid financial services and insurance jobs over the last three years were Texas, Florida, North Carolina and Georgia, the analysis conducted by the Business Council found.

New York ranked 36th in terms of percentage growth — at a rate of a puny two-tenths of 1%.

“North Carolina and Florida have rapidly added jobs in the finance and insurance sector while New Yorks employment has remained below national growth trends,” the report said. 

Each finance sector employee generates nearly an additional three jobs in other sectors — so any loss of employment ripples through the entire economy, the study noted.

“This report should serve as a call to action for leaders across New York to forcefully address the competitiveness issues that threaten one of its most valuable and critical economic forces, the finance industry,” the study said.

The average compensation package in New York’s financial services industry is a nation-high $309,000 per year — $275,800 in salary plus $34,000 in other benefits.

The figures showed continuing trends of population decline in New York – with a 2.7% decrease from 2019 to 2022 — marking the worst loss among the 50 states during the COVID-19 pandemic.

Most of the population loss was in New York City and its suburbs, home of most of the state’s wealthiest residents.

A review of net migration of residents showed that the largest flight of gross income was from Manhattan at nearly $11 billion.

“The data confirms the flight of the wealthiest from the New York City area,” the business group’s review found.

In 2021 alone, the Empire State saw a net decline of $9.8 billion in income that migrated to Florida, according to the report.

It’s not a coincidence, the study said, noting that the Tax Foundation think tank rates New York as having the highest combined state and local tax rate on residents, and the Sunshine State the lowest.

“This single competitive factor [taxes] is likely playing an influential role in the migration of high-net-worth individuals as they have the most to gain by leaving a high-income tax state for a low, or zero, income tax state,” the study said.

It also pointed out that New York is also one of a small collection of states that levies a tax on estates, derisively referred to as the “death tax.”

“High-wealth individuals are likely factoring this tax into their location decisions,” the report said.

“Forceful action is necessary,” the analysis concludes. “The state will need to address the tax burden, business climate, and cost of living issues that hurt the states competitiveness.

“If the state does not address these issues, it risks losing its dominance in the finance and insurance industry, and ultimately, jeopardizes the health and prosperity of New Yorks economy.”

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Dublin Airport terminal evacuated as ‘safety precaution’

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Dublin Airport terminal evacuated as 'safety precaution'

Passengers have been evacuated from Dublin Airport’s Terminal 2 as a “precautionary measure”. 

Flights could be “temporarily impacted”, the airport said in a statement.

It did not give any details about the reason for the evacuation but said “the safety and security of our passengers and staff is our absolute priority”.

At this stage there is no suggestion the evacuation is linked to the cyber attack that has caused disruption at several European airports.

“We advise passengers to check with their airline for the latest updates,” the airport added, saying further information would be provided as soon as it is available.

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More than 1,000 migrants arrive in small boats in one day – despite returns deal with France

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More than 1,000 migrants arrive in small boats in one day - despite returns deal with France

More than 1,000 people crossed the Channel to the UK in small boats on Friday – the day after the first migrant was deported under the “one in, one out” deal.

The latest Home Office figures show 1,072 people made the journey in 13 boats – averaging more than 82 people per boat.

On the same day, an Iranian man became the third migrant to be deported under the UK’s deal with France.

The number of people who have made the crossing so far in 2025 now stands at 32,103 – a record for this point in a year.

Ministers hope the deal will act as a deterrent, showing migrants they face being sent back to France.

But the scale of Friday’s crossings suggested the policy was so far having little effect on those prepared to make the risky crossing across the Channel.

Read more:
What is the UK-France migrant returns deal?
Where are the UK’s asylum seekers from?

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France deportations will ‘take time’, Peter Kyle said on Friday

The deal with France means the UK can send migrants who enter the UK on small boats back to France.

For each one returned, the UK will allow an asylum seeker to enter through a safe and legal route – as long as they have not previously tried to enter illegally.

The first flights carrying asylum seekers from France to the UK under the reciprocal aspect of the deal are expected to take place next week.

Although they would not comment on numbers, a Home Office source told the PA news agency they were expected to be “at or close to parity”, given the “one in, one out” nature of the deal.

The agreement came into force on 5 August, having been signed by both countries and approved by the European Commission.

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At least 70 killed in Sudan after paramilitary attack on mosque

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At least 70 killed in Sudan after paramilitary attack on mosque

At least 70 people have been killed after a paramilitary drone attack on a mosque in Sudan.

The Sudanese army and aid workers said the paramilitary group Rapid Support Forces (RSF) carried out the attack during Friday prayers in the North Darfur region.

The attack took place in the besieged city of Al Fasher and was said to have completely destroyed the mosque.

With bodies still buried under the rubble, the number of deaths is likely to rise, a worker with the local aid group Emergency Response Rooms said.

The worker spoke anonymously, fearing retaliation from the RSF.

Further details of the attack were difficult to ascertain because it took place in an area where many international and charitable organisations have already pulled out because of the violence.

In a statement, Sudan’s army said it was mourning the victims of the attack.

It said: “Targeting civilians unjustly is the motto of this rebel militia, and it continues to do so in full view of the entire world.”

Sky News Africa correspondent Yousra Elbagir reported earlier this month on the situation in North Darfur, where people are facing torture, rape and forced starvation.

The Sudan war started in April 2023, when long-simmering tensions between the Sudanese army and the RSF broke out in Khartoum.

The US special envoy to Sudan estimates that 150,000 people have been killed, but the exact figure is unknown. Close to 12 million people have been displaced.

Several mediation attempts have failed to secure a humanitarian access mechanism or any lulls in fighting.

Read more from Sky News:
Cyber attack disrupts European airports
More than 1,000 migrants arrive in small boats in one day

The Resistance Committees in El Fasher, a group of local activists who track abuses, posted a video on Friday claiming to show parts of the mosque reduced to rubble with several scattered bodies.

The Darfur Victims Support Organisation, which monitors abuses against civilians, said the attack happened at a mosque on the Daraga al Oula street at around 5am local time, citing witnesses.

The attack is the latest in a series of heavy clashes in the past week of between the two sides in Al Fasher.

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