Eric Zwick

Meanwhile, the richest person in your town may be more likely to own an HVAC company, dental practice, or restaurant chain than a Silicon Valley startup.

Economists Owen Zeider and Eric Zwick estimate about 5 million U.S. households are worth at least $5 million.

Their research found much of that wealth comes from privately owned businesses, including about 3 million business owners with an average net worth of roughly $25 million.

And Hollywood super agent Ari Emanuel is telling his story in a new memoir.

Everyone's either a multi-billionaire, trillionaire, or intensely poor.

My interview of the week is with Eric Zwick.

He has a new book out called The Everywhere Millionaire.

He co-wrote it.

Yeah, well, that's what happens with a healthy capitalism.

And if a healthy capitalism can grow very rapidly... which the predictions about AI's impact on GDP all suggest it can, there'll be a lot more millionaires.

Yeah, it'd be interesting to see in terms of Eric Zwick's millionaires, whether the guys who've made a fortune from selling hot dogs and car parts, what the impact of AI will be on them, whether they'll be replaced by AI entrepreneurs, whether they'll benefit from the technology.

Still lots to talk about.

Now, guys, I'm going to inspire you and let you know the possibility of America.

Are you ready? Owen Zidar is with us and Eric Zwick.

They've together written a book, Everywhere Millionaire, who is really rich in America and how they got there.

And guys, first off, great to see you.

And so, like, you know, to the extent that maybe a little bit more after tax is nice and helps them buy a slightly bigger yacht, that's great.

But a lot of non-tax factors are driving these stories.

Owen Zidar and Eric Zwick, stick around.

We got a few more questions on the back end.

We're gonna be speaking with the authors of the new book, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There.

And the authors are Owen Zidar, professor of economics at Princeton, and Eric Zwick, professor of economics and finance at Chicago Booth.

So thank you both so much for being here.

Thanks for having us.

Another way to think about this, for each member of the Forbes Four Hundred list of America's wealthiest people, the authors of a new book called The Everywhere Millionaire: Who Is Really Rich and How They Got There, find that there are more than four thousand owners of private businesses who are worth at least ten million dollars a piece.

We're very fortunate to have as a guest today, Eric Zwick, Professor of Economics and Finance at the University of Chicago Booth School of Business, and co-author of the forthcoming book, The Everywhere Millionaire.

For years, Eric has had exclusive access to numbers many never see.

IRS data, yes, your tax return and mine, but anonymous, [chuckles] and thus he has easily become the world expert on income and wealth distribution.

There's a new book.

These are economists, Eric Zwick and Owen Zeider, who are talking about everywhere millionaires.

And these are folks that didn't invent the next giant thing.

It's a hot dog stand guy from somewhere, let's call it, in the Midwest.