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.
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)
