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Well done Michael Bloomberg. You have made us proud to be New Yorkers, because we live in one of the WEALTHIEST and most INCOME UNEQUAL cities in the world.

This is what class war looks like! 

Independent Budget Office report on New York city income disparity.

  1. The poorest tenth (decile) of the city’s population has an average income of $988, and claim 0.1% of the city’s total income.
  2. The richest 10% of New Yorkers have 58% of total income, and the richest 5%, 49%.
  3. The average income of the poorest 30% is $6,373, on a par with Egypt and about $1,200 below China’s.
  4. The city’s median income—the level at which half the population is richer and half is poorer—is $28,213. That’s roughly the level of Greece.
  5. The average income of the top 10% (a category that begins at $105,368) is $387,259.
  6. The average income of the top 1% (a category that begins at $493,439) is $2,247,515.

How does the city’s income distribution compare with that of Brazil, a country with a worldwide reputation for stunning inequality?

  • The income of the top 20% of New Yorkers is 64 times that of the bottom 20%. In Brazil, that ratio is 17 times.
  • The income of the top 10% of New Yorkers is 582 times that of the poorest 10%. In Brazil, that ratio is 35 times.

The New York City Independent Budget Office: Analysis (pdf ) of income distribution in the city.
All highlights via Doug Henwood

One thought on “New York: this is what class war looks like!

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