America has more millionaires than you think. Here's how most of them got rich., tell me about this news in (https://www.cbsnews.com/news/everywhere-millionaires-business-ownership-wealth/)

The CBS News report details findings from economists Owen Zidar and Eric Zwick based on their book, “The Everywhere Millionaire.” Analyzing Treasury and IRS data, the researchers found that the wealthiest people across America are rarely Silicon Valley tech founders or Wall Street hedge fund managersinstead, they are everyday local business owners.

Key Highlights of the Report

• Who They Are (“Stealthy Wealthy”): Rather than high-profile billionaires, these individuals typically run unglamorous, regional brick-and-mortar operationssuch as multi-location dental practices, HVAC service fleets, local auto repair shops, beer distributorships, or regional restaurant chains.

• Sheer Scale of Wealth:

  • Around 5 million American households have a net worth of at least $5 million.

  • Combined, their wealth exceeds that of the entire Forbes 400 list by more than 13 times.

  • Approximately 3 million of them own private businesses, with an average household wealth of around $25 million.

• How They Built It:

  • Self-Made over Decades: Roughly three-quarters started their own companies, and the vast majority did not inherit significant wealth.

  • Demographics and Drive: The typical “everywhere millionaire” is married, around 62 years old, and still actively working day-to-day. Rather than chasing get-rich-quick schemes, most started out seeking personal freedom and independence. (For example, Dick Portillo started a hot dog stand with $1,100 that eventually sold decades later for $1 billion).

  • Lifestyle: Unlike the frugal archetype from 1990s books like The Millionaire Next Door, many of these owners do enjoy their wealthpurchasing larger homes, boats, and luxury goods.

• The Structural Advantage (Pass-Through Entities):

  • Most of these enterprises operate as pass-through entities (such as LLCs, partnerships, or S-corporations).

  • This structure avoids corporate double taxation and allows business owners to benefit from significant tax deductions (such as the 20% pass-through deduction). This enables faster capital accumulation than is possible for typical salaried (W-2) employees.

• Resilience Against AI:

  • Zwick noted that the American Dream is healthier than conventional wisdom suggests because these businesses solve tangible, physical problems that technology cannot easily replace. Even as AI evolves, demand for hands-on, local trade and maintenance work like HVAC or plumbing will remain essential.