NPR Report Highlights Political Influence and Wealth of 'Main Street Millionaires' in U.S.
A new book, 'The Everywhere Millionaire,' by economists Eric Zwick and Owen Zidar, challenges the common perception of wealth in America, revealing a significant class of 'Main Street millionaires' who collectively hold more wealth than the Forbes 400. These individuals, often owners of private businesses like car dealerships, law firms, and dental practices, have grown rich through mundane means and are geographically dispersed across the U.S. The book highlights that these business owners, while less visible than billionaires, wield considerable political power. They are influential donors and constituents for politicians, and many even become politicians themselves, being significantly overrepresented in elected office at both state and federal levels. This phenomenon is attributed in part to a quiet revolution in the American economy, where private businesses, particularly 'pass-through' entities, have come to generate more income than traditional U.S. corporations.
