America has more millionaires than you think. Here's how most of them got rich.

Key Points:

• Economists Owen Zidar and Eric Zwick identify "everywhere millionaires" as wealthy individuals who build fortunes through traditional, hands-on businesses like dentistry or HVAC contracting rather than tech or finance.
• Their research, based on IRS and Treasury data, reveals about 5 million U.S. households worth at least $5 million, collectively holding wealth far exceeding that of the Forbes 400, primarily through pass-through businesses that offer significant tax advantages.
• Most of these millionaires started their own businesses, are around 62 years old, often still actively involved in their companies, and value independence and self-employment over mere wealth accumulation.
• Unlike the modest millionaires described in earlier studies, many "everywhere millionaires" enjoy visible signs of wealth such as yachts and large homes, yet their businesses remain grounded in everyday, tangible services.
• Despite advances in technology and AI, Zwick believes these entrepreneurs will continue to thrive by solving real-world problems, suggesting the American Dream remains attainable through hard work in traditional industries.