US Economists Identify Millions of Stealthy Wealthy Business Owners
· Business · CBS News, Bloomberg
A new book titled 'The Everywhere Millionaire' by economists Owen Zidar and Eric Zwick reveals that millions of US households hold wealth exceeding $5 million. The research, based on Treasury and IRS data, finds that this group includes 3 million private business owners with an average wealth of $25 million. These individuals often build their fortunes through ordinary enterprises like HVAC contracting or dental practices rather than high-tech startups. The authors note that these wealthy business owners frequently utilize tax structures to accumulate assets far beyond typical savings.
Why it matters
The findings challenge the perception that great wealth is concentrated solely among tech entrepreneurs and finance professionals, highlighting the significant economic influence of small-business owners.
Read the original report — CBS News
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