Owen Zidar, an economist and co-author of the book «The Everywhere Millionaire», has mined the largest dataset ever assembled on business owners to uncover a pattern that challenges assumptions about how wealth is built in the United States. In an interview with Inc., Zidar explained that everyday Americans — not just Silicon Valley founders or Wall Street investors — are becoming millionaires through business ownership at a scale that has largely gone unnoticed.
The research, which examined millions of business owners, suggests that the path to wealth is far more dispersed across the country and across industries than popular narratives imply. Rather than being concentrated among a small elite of technology entrepreneurs, wealth creation through enterprise appears to be a broad phenomenon, with owners of modest companies in a wide range of sectors accumulating significant assets over time.
Zidar's findings arrive at a moment when the structure of American wealth is under intense scrutiny. The concentration of gains in technology and finance has dominated public debate, but the economist's dataset points to a more granular reality: millions of small and mid-sized business owners quietly building equity through steady operations, local market knowledge, and long-term ownership rather than rapid exits or venture backing.
The book has become a talking point among founders, according to Inc., with many citing its conclusions as validation of a less glamorous but more accessible route to financial independence. Zidar's work draws on administrative records and tax data that allow researchers to track business ownership and wealth accumulation across entire populations rather than relying on surveys or anecdotal evidence.
That methodological approach matters. Previous studies of entrepreneurship have often focused on high-growth startups or self-employment statistics, which can obscure the slower, more widespread wealth-building that occurs when owners retain and grow established businesses. By examining millions of owners, Zidar's research captures a broader picture of who becomes wealthy and how.
The implications extend beyond individual success stories. If business ownership is a primary engine of wealth creation for ordinary Americans, then policies affecting small business formation, access to capital, taxation of pass-through entities, and succession planning take on greater significance. The findings also raise questions about barriers that prevent would-be owners from entering the market, particularly among groups with less access to inherited capital or business networks.
Zidar's conclusions do not suggest that business ownership guarantees wealth. Many enterprises fail, and the dataset presumably includes owners whose assets remain modest. But the scale of the research indicates that the successful cases are numerous enough to shape national wealth patterns — a point that has been underappreciated in discussions dominated by technology founders and public markets.
For British readers watching similar debates over productivity, small business investment, and regional inequality, the American experience offers a comparative lens. The UK has its own long-standing concerns about business formation rates, access to finance outside London and the South East, and the tax treatment of owner-managed companies. Zidar's research suggests that the relationship between enterprise and personal wealth deserves closer attention on both sides of the Atlantic.
The interview with Inc. forms part of a broader public conversation about the book, which has resonated with founders seeking evidence that wealth creation is not confined to a narrow set of industries or geographies. Zidar's dataset, described as the largest of its kind, provides an empirical foundation for that argument.
What remains less clear is how the findings translate into actionable advice or policy. The research identifies patterns, but the mechanisms — whether industry choice, timing, location, or simple persistence — require further analysis. Zidar's work nonetheless shifts the baseline for how economists and the public understand the relationship between business ownership and financial success in America.