Why finance jobs are widening income inequality in cities around the world

By Marta M. Elvira, Profesora Ordinaria de Direccion Estrategica y Dirección de Personas, IESE Business School (Universidad de Navarra)
Nils Neumann, Graduate student, sociology, University of Michigan
Olivier Godechot, Professor in sociology, Sciences Po

Try to imagine the history of New York without Wall Street, or London without the City. It’s not easy.

Hosting a country’s main financial markets shapes a city’s identity, raises its profile and creates jobs. But there are trade-offs. By acting as a magnet for high-paying finance jobs and related professions, many financial cities suffer from particularly high levels of income inequality.

In fact, alongside globalisation and the clustering of highly skilled workers, our research has found that the presence of a financial market is a major driver of the growing concentration…

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