Fredrik sits down with economics professors Eric and Owen to unpack the data-driven reality of modern wealth from their book, Everywhere Millionaire. Drawing from a decade of analyzing Treasury Department tax records, they reveal that America’s true financial heavyweights aren’t celebrity tech founders, but operators of everyday, unglamorous private businesses.

Get their book here – https://www.everywheremillionaire.com/

Owen Zidar is a Professor of Economics and Public Affairs at Princeton University. He earned a Ph.D. in Economics from the University of California, Berkeley, and a B.A. from Dartmouth College. Before joining Princeton, he served as a staff economist at the Council of Economic Advisers and worked as an assistant professor of economics at the University of Chicago Booth School of Business.

Eric Zwick is the Joel F. Gemunder Professor of Economics and Finance at the University of Chicago Booth School of Business. He earned his Ph.D. in Business Economics from Harvard University and a B.A. from Swarthmore College. His research focuses on the intersection of public policy and corporate behavior, particularly concerning income and wealth inequality.

Key Takeaways

• The Hidden Wealth Pool: There are roughly 3 million closely held business owners in the U.S. with a net worth exceeding $5 million. Collectively, their wealth eclipses the Forbes 400 by more than an order of magnitude.

• Boring is Profitable: The most lucrative ventures are frequently mundane, ranging from auto dealerships and beverage distributors to specialized clinics and gutter manufacturers.

• Acquisition over Invention: You do not need to invent a massive tech platform to succeed. Acquiring an existing, profitable “main street” business from a retiring founder is a highly effective path to the top 1%.

• Move Slow and Make Things: True wealth creation is a slow build, often taking decades of reinvesting profits and compounding industry experience rather than seeking an overnight Silicon Valley exit.

Best Moments

• “Most people are focused on a small handful of billionaires and just miss the ocean of entrepreneurs for a few people.” — Owen

• “One thing that’s contrary to the conventional wisdom in Silicon Valley that you need to move fast and break things… we say you need to move slow and make things. It takes decades often for a lot of these stories.” — Owen

About the Podcast
Invest in You is a global podcast where entrepreneur and investor Fredrik Sandvall shares practical ideas and conversations with founders, investors, and operators. Episodes focus on investing, entrepreneurship, and building long-term control and freedom.
Occasionally joined by his sons Ivan and Charlie, the show offers both experience-based insight and a next-generation perspective.
Listeners in 155+ countries tune in to think clearer, act smarter, and build with intent.

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