The American Dream of Wealth Creation is Thriving for “Everywhere Millionaires”
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The American Dream of Wealth Creation is Thriving for "Everywhere Millionaires"
- Approximately 80% of American millionaires are self-made, first-generation millionaires, with around 24 million millionaires currently in the United States.
- Economists Eric Zwick and Owen Zidar highlight that many of these affluent individuals, dubbed "Everywhere Millionaires," have achieved substantial wealth through ordinary businesses without necessarily holding elite degrees.
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The concept of the “Everywhere Millionaire” suggests that the American Dream of building significant wealth is widely accessible, often through entrepreneurship and sustained effort in everyday industries. These individuals, whom economists Eric Zwick and Owen Zidar refer to, are private business owners whose collective wealth is substantial. They often operate businesses that are deeply woven into the fabric of daily life, such as restaurant chains or HVAC services. This contrasts with a popular perception of wealth being concentrated among an elite few with prestigious backgrounds.
A notable example of this phenomenon is Dick Portillo, who founded his hot dog stand in 1963 with an initial investment of $1,100. Over five decades, he grew the business into a regional chain, eventually selling it for nearly $1 billion in 2014. His story exemplifies how significant wealth can be accumulated through dedication to a seemingly ordinary business, without the prerequisite of an elite degree.
Becoming a millionaire typically involves a combination of disciplined saving, smart investing, and entrepreneurial endeavors. Many millionaires build their fortunes by living below their means and consistently investing. While a college education can open doors, many successful entrepreneurs, including figures like Bill Gates and Mark Zuckerberg, have achieved immense success without completing a degree, demonstrating that drive and resourcefulness are crucial. The United States saw the addition of approximately 562,000 new millionaires in 2024, indicating a growing number of individuals achieving this financial milestone.