Inequality in New York City

at 09:50 AM ET, 10/06/2011

“Out of the twenty-five largest cities, it is the most unequal city in the United States for income distribution. If it were a nation, it would come in as the fifteenth worst among 134 countries ranked by extremes of wealth and poverty...It is the showcase for the top 1 percent of households, which in New York have an average annual income of $3.7 million. These top wealth recipients—let’s call them the One Percenters—took for themselves close to 44 percent of all income in New York during 2007 (the last year for which data is available). That’s a high bar for wealth concentration; it’s almost twice the record-high levels among the top 1 percent nationwide, who claimed 23.5 percent of all national income in 2007, a number not seen since the eve of the Great Depression...But here’s the most astonishing fact: the One Percenters consist of just 34,000 households, about 90,000 people.” -- Christopher Ketcham, ‘The Reign of the One-Percenters’.

 
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