14 Shocking Stats On The Rise Of Inequality In New York

new york wealth

Ever been to a third world country?

Try visiting New York.

Income distribution in New York City has become more skewed than most shack-and-castle principalities of the developing world. It is now the most unequal city in the most unequal state in the most unequal developed country in the world.

Obviously inequality is growing as a consequence of Wall Street, which has doubled and redoubled income in recent decades.

The Fiscal Policy Institute has compiled some must-see data on the trend. As today’s NY Post points out, it’s getting hard for most people to live here.

Nationwide, the top 1% earns more than any time since the Roaring Twenties

Inequality grew over three times as fast in New York State -- and over four times as fast in New York City

New York has far and away the highest degree of inequality, followed by Connecticut and Texas

New York City is the most unequal city, followed by Dallas and Chicago

One per cent of New Yorkers earn 35% of the income -- and rising fast

In New York City, the top one per cent earns an incredible 44% of the income

Inequality surged in the Dot Com Bubble and the Credit Bubble

The impact of a bull market is even more clear in the City

The top 1% absolutely dominates non-wage revenue, like capital gains

The Credit Bubble increased inequality like nothing before

America's surge in inequality is unmatched among other developed countries

Here's one of the many consequences of inequality...

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.