A tiny, ultra-wealthy group of New York City families—just about 50 households—experienced the sharpest income surge of any local tax bracket over the past five years. Their collective earnings ballooned from around $315 million annually in 2019 to nearly $600 million in 2024, underscoring a dramatic concentration of wealth at the very top. The data highlights how the financial gains of this elite cohort far outpaced those of other income levels, deepening economic disparities in the city. For context on how this shift compares to broader trends, the full analysis offers key insights.
The most exclusive ring of earners in the .001 percent, which represents about 50 New York City families, saw the largest growth in incomes of any city tax bracket between 2019 and 2024. Their average income was almost $600 million a year in 2024, up from roughly $315 million in 2019.
