A new book by economists Eric Zwick and Owen Zidar reveals that America's wealth is concentrated not just among billionaires but among roughly three million "Main Street millionaires"—private business owners in mundane industries like car dealerships, dentistry, and food service who average $25 million in wealth. These entrepreneurs have collectively accumulated more income than traditional corporations and wield significant political power to shape tax policy and regulations in their favor, yet remain largely absent from public discourse about inequality.
A new study by economists Zidar and Zwick reveals that America's "everywhere millionaires"—business owners of car dealerships, restaurants, and other Main Street enterprises—collectively represent wealth comparable to or exceeding billionaires, yet remain largely invisible to public discourse. Nearly five million households worth at least $5 million constitute what the researchers call a new American wealth class, hidden in plain sight through ordinary businesses.