Rich New Yorkers' incomes have soared, but it means more wealth to tax
New York City's rich are getting richer off their investments. Marcin Golba/NurPhoto via Getty Images NYC's income gap widened from 2019 to 2024, even as wages for the lowest earners grew. NYC's top earners saw their assets, the biggest chunk of their incomes, grow. It's a catch-22 for politicians, since ultrawealthy New Yorkers pay nearly half of all income tax. The Big Apple is getting more unequal: A new report from New York City Comptroller Mark Levine found that income inequality worsened in the city from 2019 to 2024. That's not entirely unexpected. The country's financial capital has long had a wealth gap between its Wall Street bigwigs and everyday workers, and over the past few years, millionaires have flocked back into the city, as lower earners have migrated out. But the New York metro area's lowest earners haven't taken a pay cut: Wage and salary inequality only very slightly increased during that same period, part of a national trend. Pay grew the fastest for traditionally lower-wage positions — like food preparation and healthcare support — while higher-paying professions like management and legal didn't see as robust growth. Even so, the rich are still getting richer
New York City's rich are getting richer off their investments. Marcin Golba/NurPhoto via Getty Images NYC's income gap widened from 2019 to 2024, even as wages for the lowest earners grew. NYC's top earners saw their assets, the biggest chunk of their incomes, grow. It's a catch-22 for politicians, since ultrawealthy New Yorkers pay nearly half of all income tax. The Big Apple is getting more unequal: A new report from New York City Comptroller Mark Levine found that income inequality worsened in the city from 2019 to 2024. That's not entirely unexpected. The country's financial capital has long had a wealth gap between its Wall Street bigwigs and everyday workers, and over the past few years, millionaires have flocked back into the city, as lower earners have migrated out. But the New York metro area's lowest earners haven't taken a pay cut: Wage and salary inequality only very slightly increased during that same period, part of a national trend. Pay grew the fastest for traditionally lower-wage positions — like food preparation and healthcare support — while higher-paying professions like management and legal didn't see as robust growth. Even so, the rich are still getting richer
