Post by Logan on Jan 15, 2016 0:06:07 GMT -6
Boston is No. 1, but nobody’s celebrating this ranking.
The city has the highest rate of income inequality among the 100 largest cities in the country, according to a new analysis of 2014 Census data by the Brookings Institution, a nonprofit research organization in Washington D.C.
Households in the top 5 percent of earners in Boston made at least $266,000, nearly 18 times as much as households in the bottom 20 percent. The income gap continues to grow in Boston, which ranked fourth in 2012 and third in 2013, according to Brookings.
New Orleans and Atlanta had the second and third largest divides, respectively.
In some ways, Boston’s success is contributing to the problem. The city has become a major player in the innovation economy — reinforced by General Electric’s decision earlier this week to relocate its headquarters here — and salaries continue to grow in the already higher-paying tech and life science sectors. Indeed, annual household income among the top 5 percent of earners in Boston grew by nearly $22,000 between 2007 and 2014.
Continued reading at www.bostonglobe.com/business/2016/01/14/boston-tops-list-most-unequal-cities/FSHEoXBxYiWtXrA6OY7nsL/story.html .
The city has the highest rate of income inequality among the 100 largest cities in the country, according to a new analysis of 2014 Census data by the Brookings Institution, a nonprofit research organization in Washington D.C.
Households in the top 5 percent of earners in Boston made at least $266,000, nearly 18 times as much as households in the bottom 20 percent. The income gap continues to grow in Boston, which ranked fourth in 2012 and third in 2013, according to Brookings.
New Orleans and Atlanta had the second and third largest divides, respectively.
In some ways, Boston’s success is contributing to the problem. The city has become a major player in the innovation economy — reinforced by General Electric’s decision earlier this week to relocate its headquarters here — and salaries continue to grow in the already higher-paying tech and life science sectors. Indeed, annual household income among the top 5 percent of earners in Boston grew by nearly $22,000 between 2007 and 2014.
Continued reading at www.bostonglobe.com/business/2016/01/14/boston-tops-list-most-unequal-cities/FSHEoXBxYiWtXrA6OY7nsL/story.html .