March 22, 2017

82 billionaires live in NYC, the most in the world

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
December 13, 2016

Interactive map reveals the income gap that divides NYC’s richest and poorest

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
March 3, 2016

NYC Is Home to 79 Billionaires, More Than Any City in the World

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
December 8, 2015

Mapping the Depressing Annual Salaries of Millennials Across the U.S.

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
September 4, 2015

Infographic: Here’s How Much Every State Contributes to the U.S. Economy

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 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
July 16, 2015

In New York City Your $100 Is Really Worth Just $81.77

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
June 22, 2015

Are You Rich? The Wealthometer Will Tell You

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
May 28, 2015

Money Mapped: New York Has the Same GDP as Spain

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.
April 22, 2015

Forbes Tallies the World’s Richest Real Estate Tycoons

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
April 20, 2015

The Nation’s Largest Wealth Gap Is In…; Eco-Activist Plans to Swim the Gowanus on Earth Day

The nation’s largest wealth gap is in Manhattan. Surprised? [Crain’s] A clean-water activist plans to take the ultimate plunge on Earth Day, swimming 1.8 miles through Brooklyn’s toxic Gowanus Canal. [Brooklyn Paper] Five real estate myths that snag buyers and sellers. [Washington Post] Real estate crowd funding firm Prodigy Network has plans to develop shared […]

April 6, 2015

Rich People Sleep More, Researchers Say

Money may not buy happiness, but it does get you more sleep according to a new study from the Centers for Disease Control and Prevention (CDC). Researchers at the CDC examined results from the 2013 National Health Interview Survey (NHIS) and found that there is indeed a positive correlation between dollars and zzzs earned.
FInd out more here
March 24, 2015

Are You Considered ‘Middle Class’ in NYC?

Following up on our recent post taking a look at how much you need to earn to be considered "rich" where you live, here's a brand new study by Quoctrung Bui of NPR's Planet Money which investigates what's considered "middle class" in the United States. Although most Americans would humbly identify themselves as median earners, whether they're raking in $30K or $300K, there are actually benchmarks for this segment of the population. But as you may have guessed, they vary greatly depending on where you live.
Find out where you stack up here
March 19, 2015

New Report Shares What You Need to Earn to be Considered ‘Rich’ in Your City

There's often a lot of argument about what constitutes middle class, but it looks like wealthy folks might have a better measuring stick. Quartz recently took a look at a new report from Brookings which ran the numbers on the 50 largest cities in the U.S. to find out what the nation's top 5 percent earn and where they earn the most. As you may suspect, there's a huge gap in wealth between cities depending on where you look, but what may be of interest to you is the number that pops up when looking at NYC. What they found was that the top earners here are pulling in $243,529 on average.
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