At The Money: Who Is Wealthy in America, and How Did They Get Rich?

Wealth in America is significantly more decentralized and abundant than traditional surveys suggest, with millions of "everywhere millionaires" building substantial net worth through private, unglamorous business ownership. Authors Owen Zidar and Eric Zwick utilize IRS and Treasury data to demonstrate that top-tier wealth thrives in industries like HVAC, auto dealerships, and local services rather than being limited to coastal tech or finance hubs. Business ownership serves as the primary engine for this prosperity, as pass-through tax structures provide significant advantages over traditional labor income. Unlike the "move fast and break things" Silicon Valley model, this wealth-building process often requires decades of domain expertise and iterative, "get rich slowly" strategies. Furthermore, the American entrepreneurial ecosystem benefits from a culture that treats business failure as a normalized learning opportunity rather than a permanent social or professional stigma.