Census finds widening gap between rich and poor

Sep 27 2010

Census finds widening gap between rich and poor

The gap between rich and poor in New York is getting worse – and is now bigger than in India.

A Census Bureau index on wealth inequality shows the difference between the haves and have-nots has climbed since 2006 in the five boroughs.

It is now larger than the gap in India and the African nation of Burkina Faso, said Joel Berg, executive director of the New York City Coalition Against Hunger.

And the index for Manhattan alone is larger than those for Haiti, Brazil or Guatemala.

In 2009, there were 1.5 million people living in poverty in the city – or 18.7% of the population. The median household income fell from $51,116 to $50,033.

Meanwhile, the combined net worth of the city’s 58 richest residents jumped by $19 billion, the group said.

“It’s been bad in New York for a long time but this is shocking,” Berg said. “When you combine the net worth of the city’s 57 billionaires, they have the equivalent money of 13 million full-time minimum wage workers.”

He said the number of New Yorkers living below the poverty line citywide increased by about 45,000 between 2008 and 2009, according to Census figures.

City officials pointed out that the overall population of the city also increased during that time, meaning the percentage stayed roughly the same.

Mayor Bloomberg, the second richest person in New York, noted the state and national poverty rates went up more than the city’s did.

“We have a great deal of work to do to make sure that all New Yorkers have a chance to live out the great American dream,” he said.

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