Wealth inequality in New York City has increased since the onset of the coronavirus pandemic, with the wealthiest residents capturing a disproportionate share of the city’s income growth, according to a report released Wednesday by Comptroller Mark Levine. The findings highlight a growing divide that has intensified the city’s longstanding affordability challenges for most residents.

Levine’s analysis, based on tax return data from 2019 to 2024, shows that nearly two-thirds of inflation-adjusted income gains went to the top 1 percent of earners, while most New Yorkers experienced stagnation or decline in real wages. The top two income brackets were the only groups to register real income growth during this period, largely fueled by capital gains, dividends, and interest rather than traditional wages, underscoring the widening gap between wealth derived from investments and income earned through labor.

Within the top earners, a very small subset has seen extraordinary gains. The report identified the top 0.001 percent—approximately 50 families in the city—whose average annual income nearly doubled from $315 million in 2019 to almost $600 million in 2024. Meanwhile, individuals in the top 1 percent earned an average of over $4 million in 2024, up from $2.9 million before the pandemic, collectively accounting for more than one-third of the city’s total income.

For the broader population, economic gains have been limited. The average income for all New York City families was just under $107,000 in 2024. Families outside the top 20 percent of earners saw their modest hourly wage increases largely eroded by rising living costs. Employment in mid-wage jobs has declined, a trend that has raised concerns among economists about the viability of middle-income employment opportunities in the city.

Mayor Zorhan Mamdani has prioritized expanding social safety-net programs, including free child care and grocery subsidies, aiming to alleviate some pressures faced by lower- and middle-income residents. His proposal to increase taxes on the wealthy to fund these initiatives remains popular among supporters. However, experts caution that the city also needs to stimulate income growth and create pathways to higher-paying jobs to address the root causes of inequality.

Sherry Glied, a public service professor at New York University, noted that while retaining affluent residents is important for the city’s economic health, previous patterns of high-income flight have not necessarily improved conditions for those who remain. Jonathan Bowles, director of the Center for an Urban Future, emphasized the need for a comprehensive strategy that not only focuses on affordability but also on expanding wealth-building opportunities and job growth.

The report’s findings add to a growing body of data highlighting New York City’s affordability crisis. Nearly half of city households struggle to cover basic expenses such as housing, food, and transportation, and the city is unique among major U.S. metropolitan areas in experiencing a decline in median household income since 2019. Comptroller Levine summarized the situation by noting that while wages for the bottom 90 percent may be rising, they are insufficient to keep pace with the rapidly increasing cost of living in the city.