You Need to Make More Than $713,706 to Be in New York City’s 1%

(Bloomberg) -- The New York City Independent Budget Office recently released 2016 income tax data filed by residents of the city. Here is a look at the city’s ultra rich:

The Million Dollar Club

• 25,230 filers reported wages and salaries of a least $1,000,000 in 2016
  • These filers had an aggregated adjusted gross income of $100.5 billion, wages and salary income of $33.7 billion, realized capital gains of $28.4 billion, business income of $24.8 billion and dividends and interest of $12.6 billion

The One Percent

• To join the one percent club, one needed to make over $713,706. A total of 38,002 tax filers are in the club
  • 2,115 of them made between $5,000,000 - $9,999,999
  • 1,412 of them made at least $10,000,000.
    • 177 of the 1,412 were single at the time of filing

Rich Children

• A total of 55,479 children were reported on tax returns that made at least $500,000
  • 26,511 children were reported by 13,094 ’filers with children’ with a nominal income of $1,000,000 or more
  • 4,205 children were reported on the tax returns of those making at least $5,000,000

Who Paid More?

Here’s a more detailed look:

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net

To contact the editors responsible for this story: Alex Tanzi at atanzi@bloomberg.net, Wei Lu

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