Bonuses on Wall Street increased by 20% in 2021 compared to the previous year, reaching a record $257,500 on average, a report released Wednesday by Comptroller Tom DiNapoli found.

The estimate on bonuses is considered one of several top-line indicators for the broader health of New York City's and New York state's overall economic health given the outsized role Wall Street plays for the economy and government financial standing.

The bonuses paid out by the securities sector, however, do not reflect the overall health of the economy, or the personal finances of people who earn far less. New York City's unemployment rate remains higher than the rest of the state and nation as a whole, while the hard-hit service, hospitality and tourism sectors have struggled to recover from the pandemic.

Nevertheless, Wall Street has thrived over the last year: The estimated bonus poll rose to $45 billion last year, up from $37.1 billion in the prior year. But uncertainties for the global economy remain, which could put a harness on broad growth amid the invasion of Ukraine by Russia and sharply rising inflation.

“Wall Street’s soaring profits continued to beat expectations in 2021 and drove record bonuses,” DiNapoli said. “But recent events are likely to drive near-term profitability and bonuses lower. Markets are turbulent as other sectors’ recovery remains sluggish and uneven, and Russia wages an inexcusable war on Ukraine’s freedom. In New York, we won’t get back to our pre-COVID economic strength until more New Yorkers and more sectors — retail, tourism, construction, the arts and others ­­— enjoy similar success.”

Securities jobs make up about 20% of the private sector's wages in New York City, but comprise only about 5% of employment. About one in nine jobs are affected by the securities industry.

Tax collections have benefited from the health of Wall Street: It's estimated 18% of the state's tax revenue for the 2021 fiscal year comes from the industry.