The wealthiest New Yorkers are making more than ever: report

Number of the city’s taxpayers reporting income of $1M or more is up 47 percent since 2009

Apr.April 01, 2016 12:30 PM

Life at the top of the totem pole in New York City keeps getting more lucrative.

The number of city taxpayers earning $1 million or more hit 21,764 in 2013, a 47 percent increase from 14,795 in 2009, according to new data from the Independent Budget Office. This shift has had a significant impact on luxury home prices.

Over the past five years, total income for this segment jumped 48.6 percent to $96 billion, according to IBO data cited by the Wall Street Journal.

Out of the group of top earners, 45 percent made $2 million or more, with 1,315 reporting income of $10 million and up, according to the IBO analysis, which is based on a sample of tax-return data provided by the New York State Department of Taxation and Finance.

The spurt in local wealth has helped spur the jump in Manhattan’s average residential price, which topped $2 million for the first time, up more than 18 percent from the first quarter of the year, according to Douglas Elliman’s latest quarterly market report.

“The importance of foreign buyers has been wildly overhyped,” Jonathan Miller, CEO of appraisal firm Miller Samuel and the author of the Elliman report, told the Journal. “The underlining driver of resales and new development has been domestic purchases, and largely from New York.” [WSJ]Dusica Sue Malesevic

Related Articles

John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

LA resi leaders predict “pent up demand” post-coronavirus

LA resi leaders predict “pent up demand” post-coronavirus

NYRAC's Heather McDonough Domi and Compass' Leonard Steinberg (Credit: Compass; Steinberg by Gonzalo Marroquin/Patrick McMullan via Getty Images)

Broker group asks StreetEasy to stop counting days on market

(Credit: iStock)

Rental concessions are on the decline, but the size of incentives is growing

Oren Alexander & Tal Alexander (Credit: BFA for Douglas Elliman)

Thank you, Ken Griffin? Alexander Team cleans up at The Ellies

Douglas Elliman chairman Howard Lorber (Credit: Photo by Owen Hoffmann/Patrick McMullan via Getty Images; Douglas Elliman)

Douglas Elliman rolls out new marketing campaign and, finally, a modern website