U.S. wealth is driven by 5 million brick-and-mortar business owners

Research by economists Owen Zidar and Eric Zwick reveals that approximately 5 million U.S. households possess a net worth of at least $5 million. This group, which they describe as ‘everywhere millionaires’ in their book, holds wealth exceeding 13 times that of the Forbes 400.

By analyzing U.S. Treasury and Internal Revenue Service data, the researchers identified that much of this wealth is generated through private, brick-and-mortar businesses rather than technology or finance sectors. Key industries include HVAC contracting, dental practices, car dealerships, and restaurant chains. About 3 million of these individuals are private business owners with an average wealth of roughly $25 million.

The study indicates that the majority of these wealthy individuals built their fortunes through their own enterprises rather than inheriting them. The data shows that more than 2 million households have net worths of at least $10 million, while approximately 65,000 households are worth $100 million or more.