Infographic shows New York has the highest income inequality


FILE – In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. High-interest payday and online lenders have long been among the few options for Americans with bad credit and lower incomes. Guidance issued in the spring by federal regulators cut a previously suggested rate cap on loans and that could mean banks start lending small-dollar, high-interest loans. (AP Photo/Elise Amendola, File)

NEW YORK (NEWS10) — An infographic created with data from a 2018 Economic Policy Institute report ranks New York as the state with the greatest income disparity between the top 1% of earners and the remaining 99%.

Parker | Waichman, LLP

Inequality Between The 1% And The 99% In The United States,” created by New York City-based law firm Parker Waichman in August, presents a visual representation of the growing wealth gap in America. Each state is ranked by economic disparity. Average annual incomes for the top 1% and the bottom 99% are featured alongside the percent of each state’s income claimed by the 1%.

The state with the greatest income gap is New York, where the highest tier makes 44.4 times as much as the rest. Average annual income of New Yorkers in the 1% is $2.2 million, compared to about $50,000 per year in the lower brackets. That top 1% also takes home 31% of state income, which represents the largest percentage out of all states.

Manhattan accounts for most of the disparity. There, the income average for the top 1% is 113 times that of the bottom 99%.

Alaska is ranked as the state with the smallest income disparity. Florida took second-place honors among states. And Teton County, Wyoming features an even greater income gap that Manhattan, where the top earners make 142.2 times as much as the remaining population.

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