This is due to the boom in the financial and securities markets and the tariff bomb policy.
According to the Wall Street wage estimate released by the New York State Audit Office, the average bonus of New York City securities industry workers was $246,900 last year, up 6 percent from the previous year. The total amount of bonuses amounted to $49.2 billion, up 9 percent from the previous year.
Wall Street’s average annual salary, including bonuses, was $50,677 as of 2024, up 7.3% from the previous year. As bonuses account for a large portion of annual salaries for securities industry workers, changes in the size of bonuses on Wall Street are known to influence New York’s income tax revenue.
Financial companies located on Wall Street expanded their profits last year by brokering large-scale borrowing transactions, including hedge funds, amid fluctuations in global stock markets due to U.S. President Donald Trump’s announcement of an all-round tariff policy.
“Despite continued uncertainties at home and abroad last year, Wall Street recorded strong performance for most of last year,” said Thomas DiNapoli, an auditor.
However, the number of workers decreased from 201,500 in 2024 to 198,200 last year. Although the share of the number of employees in the securities industry was only 17.9% as of 2024, New York City is still maintaining its status as the financial capital of the United States.
SAM KIM
US ASIA JOURNAL
