Source: Fortune
Summary
New York is home to 154 billionaires with a collective fortune of $975.7 billion, according to a new report from Oxfam America. The state’s billionaires saw their wealth increase by 11.6% over the past year, while the average hourly wage of private-sector workers stagnated. The 10 richest New Yorkers gained $42.4 billion, with each gaining around $4.2 billion, or $2 million per hour. The growing wealth gap in New York is consistent with national trends, with the wealthiest 0.1% of U.S. households holding around a quarter of all U.S. equities.
Our Reading
The numbers tell one story. New York’s billionaires are making $2 million per hour, while the average worker’s hourly wage is $39.62. The wealth gap is stark, with the 10 richest New Yorkers gaining $42.4 billion in the past year. Oxfam America’s report highlights the growing economic divide in the U.S., with the wealthiest 0.1% of households holding a quarter of all U.S. equities. The Trump administration’s policies, including the One Big Beautiful Bill, have fueled the wealth gap. To address the issue, policymakers are advised to increase taxes on the wealthiest and raise revenue for critical public services.
The announcement sounds familiar. Billionaires are getting richer, while workers struggle to make ends meet. The wealth gap is a major problem, with nearly one-in-five Americans thinking that being a billionaire is “morally wrong.” The government is under pressure to step in and reduce wealth inequality.
Author: Evan Null
