Main Street Millionaires Hold $54.8 Trillion, Topping Forbes 400 Wealth by 13 Times
Updated
Updated · The New York Times · Oct 2
Main Street Millionaires Hold $54.8 Trillion, Topping Forbes 400 Wealth by 13 Times
1 articles · Updated · The New York Times · Oct 2
Summary
$54.8 trillion in 2022 was held by roughly 3 million “Main Street Millionaires,” a far larger pool of wealth than the billionaire class that dominates Democratic rhetoric.
Owen Zidar and Eric Zwick’s new book, drawing on IRS records, says these business owners average $25 million each and include figures closer to local chambers of commerce than Silicon Valley titans.
The authors argue this group is getting richer faster than the Forbes 400, helped by Republican-backed tax breaks and local regulatory advantages.
That finding challenges policy debates centered on billionaires alone, suggesting efforts to address inequality or deficits would have to reach a broader, more dispersed rich class.