The gap between the rich and the poor in New York City, America's financial capital, reached levels not seen since the turn of the millennium, the New York Times reported. The census figures stand in sharp contrast to comments made by Mayor Michael Bloomberg, who has continuously touted the city's recovery from the economic recession of recent years.
Median household income for New Yorkers was $49,461 in 2011, $821 less than in 2010 and less than the national average. A breakdown of the figures revealed the large gap that grew over the last 12 months. The median income of the richest 20% increased from 2010 to 2011 by $1,919, yet the median income of the poorest 20% dropped by $463 to only $8,844.
In the borough of Manhattan the difference was even more exaggerated. The difference in income between the richest 20% was $391,022 while income for the poorest 20% was $9,681. The ratio between the two is 40 to 1, a wealth ratio greater than any country except for a few developing nations like Sierra Leone, according to the New York Times.