Millionaires are everywhere in the U.S., new book says
Summary
A new book by economists Owen Zidar and Eric Zwick shows that many millionaires in the U.S. are small business owners, like dentists or HVAC contractors, rather than tech or finance workers. These "everywhere millionaires" have built wealth mainly through their own businesses, making up a large part of the country’s rich people.Key Facts
- There are about 5 million U.S. households with at least $5 million in wealth.
- These millionaires often own small or local businesses, such as dental offices or HVAC companies.
- Their combined wealth is over 13 times greater than that of the Forbes 400 richest Americans.
- Most did not inherit wealth but built it themselves by running their businesses.
- These businesses often use tax structures called "pass-through" entities, like sole proprietorships or partnerships.
- About 3 million of these millionaires own private businesses with an average wealth of $25 million.
- Unlike the very wealthy in Silicon Valley or Wall Street, these millionaires are spread across the country and have more typical, physical businesses.
- The typical millionaire is around 62 years old, married, and slightly more likely to have a college degree than average.
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