Income inequality, the gap between the rich and, well, everybody else, is typically thought to be a national concern — and an oft-mentioned issue in the speeches of some presidential hopefuls. It’s just as much a concern on the state level, as a new report from the Economic Policy Institute, “The Unequal State of America” makes clear.
According to the research, the average annual income of the top 1 percent in the Garden State is $1,453,741, while the remaining 99 percent average $57,447 a year. Looked at another way, those at the top of the economic ladder earn 25.3 times more in a year than the rest of the state’s residents.
The report also indicates that the New-York-Newark-Jersey-City metropolitan area has the dubious distinction of being the most unequal in the state. The top 1 percent there earns 39.3 times more than the bottom 99 percent: $2,156,193 versus $54,895.
The county with the greatest inequality gap is Hudson. There, the top 1 percent makes 44.8 times more in a year than the rest of the wage earners. That works out to an average annual income of $2,298,753 compared with $51,303 for the bottom 99 percent.