New York City Mayor Zohran Mamdani’s finances are now in the spotlight, and the numbers are surprising. And, no, the Mamdanis aren’t New York millionaires.
Making Less Than Many New Yorkers
According to newly released tax filings, Mamdani and his wife, artist Rama Duwaji, earned a combined $144,784 in 2025. That total puts the couple just above the area median income for a two-person household in New York City, which was $129,600 last year, The New York Times reported.
Subtract his rent, which was $2,300 a month or $27,600 for the year, the household of two had $117,184 before taxes taken out of their pay.
Still, their income falls short of what financial experts say is needed to live comfortably in the city. Estimates suggest a single New Yorker needs nearly $159,000 annually to keep up with the rising cost of living.
A major chunk of the couple’s earnings came from the mayor himself. He brought in about $131,926 from his role as a state Assembly member before becoming mayor. But what’s catching attention is the smaller, unexpected stream of income: roughly $1,600 in rap royalties.
Before politics, Mamdani released hip-hop music under the name “Mr. Cardamom.”
Duwaji, a visual artist, earned about $10,010 from her work. After deducting business expenses, including supplies, her net income dropped to around $8,860, which is actually below the federal poverty level for an individual.
The couple also reported about $1,600 in capital gains from investments. Their filings show they are due more than $7,000 in tax refunds, largely due to overpayments.
Since stepping into City Hall, Mamdani’s financial picture has changed significantly. As mayor, he now earns more than $258,000 annually and resides rent-free at Gracie Mansion.
Before taking office, Forbes estimated Mamdani’s net worth at roughly $200,000.
The tax filings comes as Mamdani and New York Gov. Kathy Hochul began pushing a new annual “pied-à-terre” tax targeting luxury second homes worth $5 million or more. The proposal is expected to generate about $500 million each year to help close the city’s budget gap. Aimed at non-primary residences, the tax would require wealthy, part-time homeowners to contribute more to the city. Plans also suggest higher tax rates for ultra-luxury properties valued above $15 million or $25 million, further increasing the financial burden on the city’s wealthiest property owners.
