Business & Finance
New York City income inequality widened between 2019 and 2024, comptroller report finds
A study by NYC Comptroller Mark Levine shows real incomes dropped for the bottom 90% while top earners gained from non-wage assets.
The short version
- A report from New York City Comptroller Mark Levine shows income inequality widened between 2019 and 2024.
- Real incomes fell for the bottom 90% of city residents while the top 1% saw real incomes rise by 16.2%, driven largely by non-wage revenue like investments and business assets.
- The findings present a policy challenge for local officials, as the top 1% of earners fund roughly 46% of the city's income tax revenue.
Key facts
- According to a report by NYC Comptroller Mark Levine, the top 10% of earners collected more than 60% of all income in New York City in 2024, with the top 1% accounting for 37%.[Business Insider]
- Between 2019 and 2024, real income fell for the bottom 90% of earners while growing 16.2% for the top 1%.[Business Insider]
- More than half of the 2024 income for the top 10% came from non-wage sources such as investments, business ownership, and rental earnings, while lower earners primarily depended on wages.[Business Insider]
- The top 1% of earners currently pay roughly 46% of all personal income taxes collected by New York City.[Business Insider]
What remains uncertain
- How municipal and state lawmakers will structure future tax policies given the city's high reliance on a small base of top earners for public revenue remains undecided.[Business Insider]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- Rich New Yorkers' incomes have soared, but it means more wealth to taxBusiness Insider metered