In New York, the billionaires have all the fun
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In New York, the billionaires have all the fun

In New York, the billionaires have all the fun
A wide gap exists among the rich and super rich in New York and wealthy political donors are supporting those who are fighting for reducing this inequality. This relative difference between rich and super rich is old enough and has been going for a long time. This gap between rich and super rich has been growing wider, especially in cities like Hong Kong, London, San Francisco and New York. Richard Kirshenbaum a columnist observed in one of his posts in New York Observer that one of his friends had mentioned once that he did not feel important in New York any longer. The reason that he cited for this observation was that he was only a millionaire. The gap between rich and super rich has widened so much in New York that it requires around $100 million USD for someone to create a name in the city. Some millionaires have pointed out that with an apartment worth $10 million USD, they feel like losers in the city. However, this inequality seems just hype if the situation is compared with the lifestyle of an average person living in New York. In a recent paper that Scott Winship presented at Brookings it was pointed out that the top 0.01 percent households in the city had income over 17 times more than that of the poorest people in the top 1 percent. Scott Winship observed that if US income structure was to be taken in form of a building it would probably take the shape of a pointed spear rather than a pyramid. The situation is so alarming that if one considers the top 0.1 percent to be on the 160th floor of an apartment block, the rest of the top 1 percent would be on the 10th floor of the same apartment block. If billionaires as Larry Ellison are on the top of this spear shaped model, you may find Mitt Romney on the lower edge of the same. Rest of the top 1 percent would not be in the picture though. With penthouses worth $90 million covering the skyline of Manhattan, people living along the edges in Fifth Avenue are but natural to feel as being among the disadvantaged  lot.
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