To be in the wealthiest 1% of New York City residents, you must have an annual income of at least $713,706.
According to NBC News, “In a city of nearly 9 million people, just 38,002 [New York City] tax filers are in the 1%.
Here are some more interesting statistics regarding the wealth of New Yorkers:
- The average personal income tax paid by New York City’s wealthiest 1% is $107,153.
- In 2016, 25,230 New Yorkers made more than $1,000,000 in personal income.
- In 2016, 1,412 New Yorkers had a personal income of at least $10,000,000.
Note that being a part of the top 1% of earners in New York City requires a much greater income than it does to be a part of the top 1% nationally. Being in the top 1% of earners nationally requires an annual income of $421,926.