A new analysis of wealth creation in the United States reveals that significant fortunes are increasingly being built through a broad range of small and medium-sized private businesses, challenging the common perception that wealth is concentrated primarily in technology, finance, or entertainment sectors. Economists Owen Zidar of Princeton University and Eric Zwick of the University of Chicago examine this phenomenon in their recent book, *The Everywhere Millionaire*, which draws on extensive tax data and individual stories to shed light on America’s “Main Street millionaires.”

Unlike the familiar profiles found on the Forbes 400 list—often centered in coastal hubs—these millionaires are dispersed throughout the country and operate businesses that many might consider ordinary or unspectacular, such as car dealerships, frozen food distribution, gutter installation, and roadside convenience stores. Their average net worth is approximately $25 million, and collectively, about three million such business owners hold an estimated net worth of $54.8 trillion, significantly outweighing the combined wealth of the Forbes 400, which stands near $4 trillion.

The book highlights the importance of “pass-through” tax provisions, which allow owners of privately held businesses to bypass corporate income taxes by reporting business income directly on their individual tax returns. This tax structure plays a critical role in fueling economic growth, as about 60 percent of U.S. economic expansion is attributed to pass-through entities, with 70 percent of that income accruing to the top 1 percent of earners.

Zidar and Zwick combine rigorous data analysis with vivid anecdotes gathered from business owners nationwide, including profiles ranging from a tanning bed distributor to the owner of a hot-dog stand in Illinois who expanded a modest enterprise into a luxurious lifestyle featuring a yacht and private plane. These personal stories illustrate the persistence of entrepreneurial success across diverse sectors, suggesting that the American Dream remains within reach for many.

However, the authors also acknowledge challenges to economic mobility, noting a decline when comparing individuals born in 1940 to those born in 1980. While many of these entrepreneurs are self-made and some lack college degrees, broader structural shifts may be restricting opportunities for new entrants into the middle and upper economic strata.

The foundation of the book’s insights rests on a dataset painstakingly compiled by Zidar, Zwick, and fellow economist Danny Yagan, who accessed detailed U.S. Treasury tax records to analyze private business income across industries and regions. Their findings aim to inform policymakers and business leaders about the often-overlooked segment of the economy that drives much of America’s wealth and growth beyond the well-publicized innovation centers.

Ultimately, the authors present a nuanced view of contemporary American prosperity: while pathways to wealth through entrepreneurship remain open, the likelihood of success has diminished compared to earlier decades. Their research underscores that demographic background does not predetermine economic outcomes, but success is increasingly uncertain in today’s environment.