""What we see in New York is consistent with national trends. In many ways, we have an economy that's rigged against working people and in favor of the wealthiest. Past policy choices on issues like tax, corporate power, and workers' rights have resulted in an economy where the benefits flow upward.""
""The wealthiest 0.1% of U.S. households hold around a quarter of all U.S. equities, which significantly contributes to the growing wealth of billionaires across the country.""
New York hosts 154 billionaires with a combined wealth of $975.7 billion, driven by its financial hub status. Over the past year, billionaire wealth increased by 11.6%, while private-sector wages stagnated. The top 10 billionaires gained $42.4 billion, averaging $4.2 billion each, equating to $2 million per hour. In contrast, typical workers would need 82,863 years to earn that amount. This growing economic divide reflects a national trend, with policies favoring the wealthy and exacerbating income inequality.
Read at Fortune
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