Three Million Millionaires: Eric Zwick Finds the American Dream on Main Street USA

“Add up all of their wealth — it’s more than ten times the Forbes 400 combined.” — Eric Zwick   Yesterday, the democratic socialist Susan Neiman blamed free market economics for all the evils of our age. But the market gives and the market takes. And in America it has minted three million millionaires whose collective wealth radically outstrips Silicon Valley’s billionaires. This human backbone of American capitalism is described in Eric Zwick’s and Owen Zidar’s The Everywhere Millionaire, a book about who is really rich in America and how they got there.   Forget Musk and Bezos, Zwick says. The real money is a hot dog man from suburban Chicago with a superyacht called Top Dog. Three million Americans own private businesses worth $5 million or more — dentists, beer distributors, HVAC contractors, Wendy’s franchisees — averaging $25 million each. Their combined wealth, Zwick says, is more than ten times the Forbes 400. And they are everywhere in America, from Walker County, Alabama to the Lake of the Ozarks.   Are these millionaires evil? They are certainly obsessed, relentless, bad at hobbies and mostly Republican. But evil? Only perhaps to ideologues resentful of other people’s success. In The Everywhere Millionaire, Zwick and Zidar show — in spite of growing inequality and shrinking opportunity — that the American Dream is still alive. Democrats might take note. Especially if they want to win back power in an America still dependent on Main Street for its prosperity.   Five Takeaways   •       Three Million of Them. The book’s central fact, and it reorders the American wealth debate: the everywhere millionaires are private business owners with a net worth of at least $5 million, averaging around $25 million, and Zwick and Zidar count roughly three million of them. Add their wealth together and it comes to more than ten times the Forbes 400 combined — not ten times Musk, ten times all four hundred. The market gives and the market takes, as Andrew put it — and here it has minted a class whose collective wealth radically outstrips Silicon Valley’s billionaires. They are also, unlike the coastal fortunes, geographically everywhere: the map lights up rather than clustering in four cities, with the highest average in Walker County, Alabama, and pockets around the Lake of the Ozarks, Aspen and less famous mountain towns. Why haven’t we heard of them? They don’t sell clicks. They run unglamorous businesses — a beer distributor, a dentist with a regional network, an HVAC contractor with trucks around town — and they aren’t buying media companies to be noticed. •       Top Dog. The characters are the book’s pleasure. Dick Portillo started a hot dog stand in suburban Chicago fifty years ago with $1,100, the son of immigrants raised in a housing project; he sold the business decades later and now owns, as Andrew put it, a different kind of housing project in Naples, Florida — the authors found him via yacht registration data, because his superyacht is called Top Dog. Was he moral? Ask Mike Ditka, whose competing Ditka Dogs Portillo set about crushing. “Probably not super moral,” Zwick conceded — which is rather the point: these are not heroes or villains, just people obsessed with growing a business. Larry Miller went from auto parts distributor to dealer to owner of the Utah Jazz (and is pictured giving Karl Malone advice on the pick-and-roll). Junior Bridgeman left the Milwaukee Bucks for the deeply unglamorous business of Wendy’s franchises and made hundreds of millions. Tracy Britt Cool left Berkshire Hathaway to build her own. •       The Accident of 1986. Zwick thinks of the tax code as a house that depreciates and needs repairs. The Tax Reform Act of 1986 — Reagan in the White House, Bill Bradley in the Senate, both of whom had actually paid the old 70% rates as a movie star and a basketball player — was a repair job: kill the loopholes, drop personal rates below 30%. The unintended consequence was enormous. For the first time it made sense to organize a business so that its profits were taxed at the personal rate, and the pass-through revolution followed: S-corporations and partnerships surging, the more profit you made the more you kept. Every subsequent reform sweetened the deal — the Bush cuts, the 2017 Tax Cuts and Jobs Act, made permanent in 2025’s One Big Beautiful Bill. Success or failure? Zwick finds elements of both, but won’t call it an unmitigated success: this class’s tax benefits are a real part of today’s fiscal problem. One unambiguous gain — pass-throughs linked owners to businesses in the data, which is precisely how this book became possible. •       Bad at Hobbies. What are they actually like? The typical everywhere millionaire is a white man in his late fifties or early sixties, married, with a college degree — though roughly a third of star entrepreneurs in the data are women, across eight million founders over twenty years. From fifty to seventy-five detailed interviews, the unifying theme isn’t brains: test scores turn out to be a weak predictor. It’s ordeal — sleeping on the work table in the back of the shop, years of not knowing whether it would work, a relentlessness that beats IQ. They credit luck too, and macro trends they caught early. And the tax code? “Not the first thing or even the fourth thing” driving them; raise their taxes a little and they wouldn’t notice, though they do decamp to Nevada or Florida when they retire. They’re obsessed with the business at the expense of hobbies and, sometimes, family — which makes divorce, in Zwick’s dry formulation, a naturally occurring wealth tax. Not a guarantee of happiness. Also: if your parents are in the top 1%, you are six times likelier to found a star business than someone from the ninetieth percentile. •       The Power They Don’t Advertise. The half of the book that complicates the good news. Survey data from PPP loan recipients shows this class skews Republican and cares about regulation and taxes rather than the social issues that dominate the feed — but Zwick was struck by how many Democrats there are among them, which explains why certain policies stay off the table even when Democrats hold power. Because they are dispersed, there are everywhere millionaires in every congressional district; they don’t run for office, they fund the people who do, and their influence shows up most sharply in local and state policy — including, sometimes, restricting entry and raising prices in exactly the markets where affordability bites. Trump, for the record, is not one of them: his wealth came through media and then political power, and he was born into the top 0.1%. Zwick’s advice for Democrats chasing this class, on the day after Jentleson’s big-tent argument: stop knee-jerk vilifying people who build businesses, and pay attention to problems as they are rather than as they appear in the Twitter feed. His advice for everyone else: walk down Main Street and ask who owns what. “Is a tax on 50 billionaires gonna move the needle at all? Not really.” Andrew’s verdict: evil only perhaps to ideologues resentful of other people’s success — and proof that, despite growing inequality and shrinking opportunity, the American Dream is still alive.   About the Guest