In their book “The Everywhere Millionaire,” economists Owen Zidar and Eric Zwick reveal that the wealthiest individuals in many towns are often not tech moguls or hedge fund managers, but rather local business owners like dentists or HVAC contractors. Their research, based on Treasury and IRS data, shows that about 5 million U.S. households have at least $5 million in wealth, surpassing the combined wealth of the Forbes 400. These “stealthy wealthy” individuals typically accumulate wealth through hard work in traditional businesses, benefiting from tax structures like sole proprietorships and partnerships. This phenomenon is widespread across the U.S., not just in coastal or financial hubs. While the stock market has created many 401(k) millionaires, Zwick and Zidar focus on those who have amassed significant wealth beyond typical savings. Their findings echo the themes of the 1990s book “The Millionaire Next Door,” highlighting that many millionaires live modestly and build wealth through careful management and investment.
QUESTION: How might the presence of “stealthy wealthy” individuals in local communities influence young people’s career aspirations and perceptions of success?
Millionaires are everywhere in the U.S., new book says
