The Hidden Wealth of America: How Ordinary Entrepreneurs Built Their Fortunes
Discover how everyday entrepreneurs built wealth through hard work and pass-through businesses, not tech or Wall Street.
POLICY WIRE — City, Country — The wealthiest individuals in your community may not be tech moguls or hedge fund managers. Instead, they could be local professionals like a dentist with multiple offices or an HVAC contractor whose trucks are a common sight, according to economists Owen Zidar and Eric Zwick.
In their new book, “The Everywhere Millionaire,” the pair reveal that many of these high-net-worth individuals accumulated their wealth through traditional means—long hours of dedicated work rather than sudden windfalls. Their research indicates that around 5 million U.S. households have at least $5 million in assets, with combined wealth surpassing that of the Forbes 400.
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Zidar and Zwick analyzed tax records and business data to uncover how most Americans become wealthy. They found that many build fortunes through small to mid-sized businesses, often structured as sole proprietorships or partnerships. These pass-through entities allow owners to avoid corporate taxes and benefit from deductions, helping them amass wealth far beyond what typical employees can achieve.
Reporting by Policy-Wire (PW)
