NYC Top 1% Captured Nearly Two-Thirds of Income Growth Since 2019, Comptroller Finds
Updated
Updated · The New York Times · Sep 2
NYC Top 1% Captured Nearly Two-Thirds of Income Growth Since 2019, Comptroller Finds
2 articles · Updated · The New York Times · Sep 2
Summary
Nearly two-thirds of New York City’s inflation-adjusted income growth from 2019 to 2024 went to the top 1% of earners, according to Comptroller Mark Levine’s analysis of 2024 tax returns.
Only the top two income brackets posted real income gains after inflation, with the increase driven largely by capital gains, dividends, interest and other nonwage income rather than paychecks.
Levine said the concentration of wealth has deepened inequality beyond pre-pandemic levels and worsened the city’s affordability crisis for residents outside the top 10%, who he said are largely treading water.
The report also found the top 0.1% and 0.01% claimed a bigger share of total city income in 2024 than before the pandemic, underscoring how gains have narrowed to an even smaller elite.