We present a new compact image pyramid representation, the Riesz pyramid, that can be used for real-time phase-based motion magnification. Our new representation is less overcomplete than even the smallest two orientation, octave-bandwidth complex steerable pyramid, and can be implemented using compact, efficient linear filters in the spatial domain. Motion-magnified videos produced with this new representation are of comparable quality to those produced with the complex steerable pyramid. When used with phase-based video magnification, the Riesz pyramid phase-shifts image features along only their dominant orientation rather than every orientation like the complex steerable pyramid.