Skip to main content

THE GROWING CRISIS

NEW YORK STATE | A Tale of Two Realities

THE PROSPEROUS
NEW YORK

Where a Few Ultra-Wealthy Thrive

128 Billionaires

With over three-quarters of a TRILLION dollars in wealth

$2,600,000

Average annual income of the top 1% of New Yorkers

AND NEW YORK'S ULTRA-WEALTHY ARE GETTING MUCH WEALTHIER

+$332 billion
+ 74%

How much the 128 billionaires in New York grew their wealth in the last seven years (since the 2017 tax cuts).

+15,000
+24%

The number of New York millionaires in the past three years.

TOP 1% OF NEW YORKERS

35 %

OF ALL INCOME IN OUR STATE

Some more signs of ultra-wealth growth in New York:

0

Increase in +10M real estate residential sales in the past three years.

0

Increase in the number of ultra-tall luxury residential towers in NYC in the past 10 years.

THE OTHER NEW YORK

Where working families struggle and poverty is on the rise.

$49,000

Average income of 99% of New Yorkers. That's 19 million of us.

760,862

New York children who live in poverty. That's one-in-five children.

THE MIDDLE-CLASS SQUEEZE

Costs are increasing and household incomes are not keeping pace.

+59%

How much transportation and housing costs have increased for middle-class families over the past 10 years.

+121%

The amount healthcare costs have increased for middle-class households in the last two decades.

The average family now pays $26,355 annually for healthcare coverage – nearly 56% of a typical family's income.


POVERTY IS WIDESPREAD

In a state where the elite few prosper, poverty is widespread and deep.

46%

Of NY households struggle to meet their basic needs.

+53%

How much homelessness increased in New York state in the last two years - more than four times the rate in the rest of the nation.

And worst of all...

1 in 5

Children in New York state who live in poverty

That's around 700,000 children in poverty in one of the richest states in the richest country on Earth.

Syracuse has nation’s worst child poverty rate: ‘We don’t want to be first for that’
Rochester ranked fifth in city poverty report

THE SCALE OF INEQUALITY

100/100

$69,490,00

$74,510,406

Annual average income of the top .01%

5/100

$2,600,000

$2,600,000

Annual average income of the top 1%

0.5/100

$60,000

$60,000

Approximate median household income for everyone else.
(The 99%)

Change Is Possible

We need commonsense changes to the tax code so the ultra-wealthy who have benefited most from our state start paying their fair share.