Posted by: Dan Beucke on December 12, 2011 at 3:45 PM
At the height of the Occupy Wall Street protests, some critics pointed out that the lower-Manhattan camp was misplaced in that it missed the real seats of financial power: Park Avenue, where big banks are headquartered, and Greenwich, Conn., where hedge funds cluster. Greenwich, it turns out, has another distinction: it’s the center of the biggest rich-poor contrast in the United States. In a strong story on Bloomberg today, EsmÃ© E. Deprez and Timothy R. Homan take a close look at the Connecticut income gap. Their reporting yielded these nuggets:
- In the Bridgeport-Stamford-Norwalk metro area, 53,076 households take home at least $200,000 a year and 16,505 earned less than $10,000.
- If the metro area were a country, it would rank as the 14th-most unequal spot, just below Brazil, according to the CIA World Factbook (using the Gini co-efficient). The U.S. as a whole ranks 40th.
- Greenwich residents paid more income taxes to the state in 2009 than any other municipality, even though Greenwich is Connecticut’s 10th-largest town.
A quick check online finds only fleeting indications of Occupy activity in Greenwich: This news article about a solitary protest against the carried-interest tax (which lowers fund managers’ tax rate). And an Occupy Greenwich Twitter handle. The latter is a straight-up parody — and a fairly funny one — of a wealthy WASP’s take on “these people”:
(Photographer: Daniel Acker/Bloomberg)