At The Money: Who Is Wealthy in America (and How Did They Get Rich?)
At The Money: Who Is Wealthy in America, and How Did They Get Rich? September 23, 2026 We know America is a rich nation, but do you know exactly how rich? And who holds all of that wealth? Full transcript below. ~~~ About this week’s guest: Owen Zidar is professor of Economics and… Read More The post At The Money: Who Is Wealthy in America (and How Did They Get Rich?) appeared first on The Big…
Title: At The Money: Wealth Distribution and Sources of Prosperity in America
BARRY RITHOLTZ: Owen Zidar and Eric Zwick, professors from Princeton and University of Chicago respectively, are the authors of a new book titled "The Everywhere Millionaire: Who Is Really Rich in America and How They Got There". They were commissioned by the IRS and Treasury to conduct a data analytics project that linked businesses to their owners and workers.
This project aimed to estimate the tax payments of businesses that do not pay tax themselves, as the businesses are owned by individuals who ultimately bear the tax burden.
BARRY RITHOLTZ: What made this data analytics project unique, and what additional insights did it provide beyond what other surveys and data available from Commerce or the Federal Reserve?
OWEN ZIDAR & ERIC ZWICK: The Federal Reserve Survey of Consumer Finances is a valuable resource, but it is fundamentally less rich than the data we compiled. Our project provided a panel data set, allowing for the study of individual businesses over time and tracing their success and the factors contributing to their growth. Moreover, the data enabled a more granular analysis of industries and geographies, shedding light on the distribution of wealth and opportunity in the country.
BARRY RITHOLTZ: What key misconception regarding wealth distribution in America did the data force you to abandon?
OWEN ZIDAR & ERIC ZWICK: One of the significant misconceptions dispelled by our data is that wealth and income are concentrated exclusively on the coasts. Our research revealed that wealth is much more abundant and closer to home for a larger number of people. Additionally, we found that wealth is not restricted to tech and finance industries; instead, it is distributed across various sectors, including unglamorous blue-collar industries that were previously underestimated as avenues to wealth at the top.
BARRY RITHOLTZ: What types of businesses were generally underestimated in terms of their potential for generating wealth, and why might this be the case?
OWEN ZIDAR & ERIC ZWICK: Businesses such as auto dealers, HVAC companies, medical or dental practices, restaurants, distributors, and sanitation services were consistently underestimated due to their perceived lack of glamour. The difficulty in identifying the wealth of individuals owning these businesses, combined with the monopolization of attention on celebrity billionaires, has led to a persistent underestimation of the true sources of wealth and prosperity in America.
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