Miami has moved to No. 1 on Bloomberg’s ranking of the most financially unequal large cities in the U.S., up six spots from last year.
In order to create this ranking, Bloomberg sorted all U.S. cities with a population of 250,000+ or more by their Gini coefficient, which measures the distribution of household income based on U.S. Census Data. The resulting ratio ranges from zero, or complete equality, to one, or complete inequality. Miami’s No. 1 ratio is .58.
Bloomberg accords the radical shift in Miami’s inequality to its lack of middle-income jobs, as well as its popularity as a second or third home location for the wealthy. “Miami-Dade now has more jobs than it had in 2007,” said Kevin Greiner, senior fellow at the Florida International University Metropolitan Center. “The problem is that the quality, and the wages, and the income of those jobs created have been significantly lower than they were in the past."