Who Actually Gets Rich in America? It’s Not Who You Think

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Who are America’s wealthiest people—and how did they get rich? Princeton economist Owen Zidar joins Erin Talks Money to explain what his research reveals about millionaires, business ownership, and the overlooked paths to building wealth in America.

When we picture wealthy Americans, we often think of celebrities, tech founders, and highly paid executives. But many multimillionaires built their fortunes through ordinary businesses: construction companies, auto dealerships, franchises, and other businesses serving everyday needs.

Owen, co-author of The Everywhere Millionaire, explains why ownership plays such an important role in creating substantial wealth—and how these findings compare with The Millionaire Next Door and the Federal Reserve’s Survey of Consumer Finances.

In this interview, we discuss:

• How Americans build net worth of $5 million and beyond
• Can a salary and a 401(k) make you rich?
• Why many wealthy Americans own private businesses
• Starting a business vs. buying an existing business
• Industries that can create opportunities for future business owners
• The typical age and background of an “everywhere millionaire”
• Entrepreneurship, financial risk, and the importance of a safety net
• Inherited wealth, opportunity, and the American dream
• What aspiring entrepreneurs can learn from successful business owners

Whether you’re investing for retirement, growing your net worth, or considering becoming a business owner, this conversation offers a different perspective on how wealth is built—and who actually gets there.

00:00 Meet Princeton Economist Owen Zidar
00:20 Who Are America’s Millionaires Really?
02:19 Defining Wealth: The $5 Million Mark
06:43 Can a Salary and a 401(k) Make You Rich?
10:33 Which Industries Produce Business Owners?
14:13 Is Entrepreneurship Worth the Risk?
16:33 The Surprising Businesses Making Millions
20:24 Starting a Business vs. Buying One
26:53 How the Wealthy Handle Risk and Diversification
30:49 Business Owners, Inequality, and the American Dream
34:43 What Would Make Entrepreneurship Easier?
39:30 Where to Start If You Want to Build Wealth
41:48 Rapid Fire: Ownership, Hard Work, and Wealth
43:07 Would You Leave Your Kids $40 Million?

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Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship with Root Financial. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation. The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal.
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