wealth

City Living

82 billionaires live in NYC, the most in the world

By Devin Gannon, Wed, March 22, 2017

NYC Skyline, NYC skyscrapers

Photo via Public Domain Pictures

For the second year in a row, New York takes the title of the city with the most billionaires in the world. According to Forbes, NYC is home to 82 billionaires with a total combined net worth of just under $400 billion. In last year’s list, the city placed first, but with 79 billionaires and a total net worth of $364.6 billion. Despite gaining a few more wealthy inhabitants, New York’s David Koch (worth $48.3 billion) and Michael Bloomberg still rank as the first and second richest in the city, though last year they were flip-flopped.

See the full list of cities here

infographic, maps

According to a 2016 Pew report, the middle class is shrinking in 90 percent of U.S. cities. It’s the first time in our nation’s history that the middle class doesn’t make up the economic majority. Instead, the highest- and lowest-income households combined comprise over 50 percent of the population. And in New York City, the divide is startling. One in five New Yorkers live below the poverty line, while the upper five percent of Manhattan residents earned more than $860,000 in 2014. GIS software company Esri has created a series of interactive maps that visualize this wealth divide in NYC and across the country, revealing where the richest and poorest live and the new economic divisions that are forming in our major metropolitan areas.

Maps, this way

City Living

111 West 57th, PMG, JDS, Michael Stern, Manhattan skyline, SHoP Architects

All of the major news outlets were reporting last week that Beijing had overtaken New York City as the billionaire capital of the world, not at all hard to believe considering that in 2016, 70 new members to the World’s Billionaires List were Chinese, more than double the number of newly-added Americans. However, the original report from Chinese research firm Hurun has been disproven by research from Forbes. The new data shows that NYC is home to 79 billionaires, more than any other city in the world. This includes David Koch and Michael Bloomberg, two of the ten richest people in the world. The city’s billionaires’ total wealth amounts to a whopping $364.6 billion.

Get the full list ahead

City Living, maps

millennial median income USA map

This year, snake people became the largest share of the U.S.’s voting-age population, surpassing 76.4 million baby boomers for the title. But while this younger generation (generally defined as those born between 1981 and 1997) may be dominating in numbers, they’re trailing when it comes to their median annual salaries.

This map created by Business Insider using data from the from the Minnesota Population Center’s 2014 “American Community Survey” in the Integrated Public Use Microdata Series reveals just what working snake people are earning annually—and the results are somewhat depressing. While Midwest states showing medians in the low 20s aren’t all that shocking given a lower cost of living, it is surprising to see that economic power players like California and New York ring in at just $21,900 and $25,000, respectively.

See the map in detail here

City Living, History

Day & Meyer, Murray & Young warehouse on the Upper East Side

If you need any more proof that the rich are nothing like us, have a look at the facility they send their cast-offs to when their walk-in closets get too full. Located on an Upper East Side block at 1166 2nd Avenue is a pretty spectacular building erected in a neo-Gothic style. While the whole setting would appear to be the perfect recipe for luxury living (a storied building in a prime location?), don’t expect find condos or even office space here. In fact, since 1928, this 15-story construction has been the destination for wealthy New Yorkers to store their most precious objects. As the Daily News writes, everyone from William Randolph Hearst to the Astors to Walter Cronkite and Whoopi Goldberg have stowed their possessions within its steel vaults.

Have a look inside the facility

infographic

US GDP by state infographic-

Would you guess that Texas has a bigger or smaller economy than New York? Which state would you say is the smallest contributor to our nation’s $17.3 trillion GDP? This fascinating chart created by HowMuch.net breaks down the relative economic value of each state (in 2014 dollars) into one digestible diagram that’s sure to start a conversation—if not offer a whole new respect for states like Florida and New Jersey.

Get a more detailed look here

City Living, maps

what money is worth in different cities, tax foundation

Saying “NYC is expensive” is a pretty obvious statement, but have you considered what the spending power of your cash really is? The Bureau of Economic Analysis recently enlisted the help of economists at the Tax Foundation to create two maps that examine how much $100 can actually buy you in each state and various metro areas across the U.S. Unsurprisingly, your Benjamins wane in value significantly once you step into the NYC metro area.

Find out more here

quizzes

Are You Rich? The Wealthometer Will Tell You

By Dana Schulz, Mon, June 22, 2015

cash

In a city like New York it’s easy to feel poor. Even if you’re pulling down six figures, you still probably cringe at your monthly rent and can’t afford that summer share on the Hamptons. On the other side of the coin, we can just as easily start to feel richer than we are thanks to the fact that we live in the greatest city in the world and have access to opportunities that few places in the world can claim. But outside of our skewed bubble of NYC, most of us are actually just plain old middle class. As Fast Co. Exist reports, “For all that wealth inequality is now discussed in America, people consistently under- and overestimate their own place on the wealth spectrum. The wealthy think they’re middle class. The poor think they’re middle class. The actual middle class is probably struggling. One reason is that most people know people about as rich or poor as themselves, so everyone thinks they are more normal than they are.”

There’s a new tool, however, to set us all straight. The Wealthometer, created by Harvard University economist Maximilian Kasy, has you enter your assets, and it then tells you where you fall in the distribution of wealth.

Find out more

maps

Money Mapped: New York Has the Same GDP as Spain

By Diane Pham, Thu, May 28, 2015

US states with similar economies around the world.jpg

We all have a general idea as to which states contribute the most to the nation’s GDP, but this handy map offers a little more food for thought. Created by Mark Perry of the American Enterprise Institute, the map compares the gross domestic product of each U.S. state with the national GDP of economies abroad.

Read more

real estate trends

Forbes Tallies the World’s Richest Real Estate Tycoons

By Michelle Cohen, Wed, April 22, 2015

forbes real estate billionaires

Forbes recently released their annual list ranking the world’s billionaires for 2015. The universe’s wealthiest human is still Bill (Gates, that is), with a fortune worth $79.2 billion at last count. In the overall under-40 crowd, Marc Zuckerberg topped the list with $35.1 billion, his fortune far outstripping the rest of the youngsters on the list. A look at the world’s top real estate billionaires—the list can be sorted by industry among other factors—gives us a peek at some interesting facts and figures about the world’s top property tycoons.

Find out which real estate big-wigs are swimming in billions here

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