Manhattan’s Income Gap Is Widest in U.S., Report

Census data released Thursday indicate that Manhattan has the widest gap between its richest and poorest people of any county in the United States.

The NY Times cites U.S. Census Bureau data from 2013 that found the top five percent of households in Manhattan saw their incomes go up nine percent. The average income of the richest people in Manhattan is now $864K.

Top households earn 88 times what the bottom 20 percent of households make.

While the contrast is stark, it isn’t as obvious.

Many sections of Manhattan include luxury buildings near housing projects.

There is also a record number of billionaires living in New York City– 103 to be exact. The Times reports the upswing of the financial industry including hedge funds and investment banks has helped the rich recover losses from the financial crisis that ended in 2009.

Agencies/Canadajournal