Wealth Index
Wealthier than 84% of counties in New York
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Richmond County | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $98,776 | $85,191 | $78,145 |
| Median Personal Income | $76,602 | $70,822 | $61,726 |
| Average income growth | 4.2% | 4.9% | 5.1% |
| Six-Figure Earners | 16.5% | 16.1% | 13.2% |
The median household income in Richmond County is about 16% higher than in New York. Income has been growing slower in Richmond County (4.2%/yr) than in New York (4.9%/yr).
About 17% of adults in Richmond County earn six figures ($100,000 or more) a year, about the same as the New York average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Richmond County, New York grew by 38.4% from 2009 to 2023, reaching $98,776 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Richmond County | Gender Pay Gap | Gini Coefficient
| Metric | Richmond County | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.586 | 0.576 | 0.570 |
| Male Median Income | $82,227 | $75,380 | $67,746 |
| Female Median Income | $70,886 | $65,850 | $54,793 |
| Gender Pay Gap | 13.8% | 12.6% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Richmond County, it is 0.586, higher than New York's 0.576, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 16% more than women's income in Richmond County, New York. Over a 35-year career, a 16% wage gap accumulates to roughly $396,935 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond County, New York has narrowed from about 20% to 14% in 2023. In dollar terms, the gap has narrowed by $897 since 2009.
Employment
| Metric | Richmond County | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 6.2% | 5.2% |
| Working from Home | 9.5% | 13.4% | 13.4% |
| Commute time (minutes) | 36 | 28 | 22 |
Approximately 13,187 people are unemployed in Richmond County, New York.
The average commute time in Richmond County is 36 minutes, longer than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond County, New York has fallen from 6.8% to 5.5% in 2023.
Conclusion
Considering all these factors, Richmond County, New York has an overall wealth index grade of B, making it somewhat better than New York, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Richmond County, New York.
How Rich Is Richmond County, New York?
Richmond County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $98,776, about 16% higher than the New York average of $85,191.
What is the current median household income in Richmond County, New York?
As of 2023, the median household income in Richmond County, New York is $98,776.
What was the median household income in Richmond County in 2023?
In 2023, the median household income in Richmond County, New York was $98,776.
What was the median household income in Richmond County in 2020?
In 2020, the median household income in Richmond County, New York was $86,348.
What is the Gini coefficient in Richmond County, New York?
The Gini coefficient in Richmond County is 0.586. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Richmond County, New York?
Since 2009, the income gap between men and women in Richmond County, New York has narrowed from about 20% to 14% in 2023. In dollar terms, the gap has narrowed by $897 since 2009.