New book identifies hidden pool of Main Street millionaires in America
Economists Eric Zwick and Owen Zidar released a new book revealing that private business owners with net worths over $5 million hold more wealth than the Forbes 400.
Definition of everywhere millionaire
The authors define an everywhere millionaire as someone with at least $5 million in net worth and an ownership stake in a private business. This definition applies to approximately 3 million Americans who collectively hold significant assets.
Wealth compared to top list
These individuals often own ordinary businesses such as gas stations, supermarkets, or car dealerships. Their combined wealth is many times larger than that of the entire Forbes 400 list.
Political influence of owners
The study suggests this large group wields considerable political power despite being overlooked in national discussions about inequality. Most Americans typically blame billionaires for the growing income divide rather than these local entrepreneurs.
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