The Quiet Aristocracy: Unmasking America’s Everywhere Millionaires

The American Dream has long been synonymous with rags-to-riches success stories. However, a new book by Eric Zwick and Owen Zidar challenges this narrative, revealing that it’s not the likes of Jeff Bezos or Stephen Schwarzman who drive wealth creation in America but rather a more insidious group: the everywhere millionaires.

These individuals own at least $5 million in net worth through a single closely held operating business. Estimated to be around 3 million strong, they collectively hold 13 times the wealth of the entire Forbes 400. Their businesses are concentrated in mid-sized metros across the country, and while they may not make headlines like Wall Street tycoons or Silicon Valley moguls, their influence on American politics is undeniable.

One striking aspect of Zwick and Zidar’s research is its finding that pass-through business owners are disproportionately represented among federal elected officials and state legislators. Approximately a quarter of federal elected officials and about 40% of state legislators come from this class. This isn’t coincidental; the everywhere millionaires have a vested interest in maintaining the tax code that benefits them, effectively insulating themselves from criticism and scrutiny.

The prevalence of these individuals among our nation’s leaders is disturbing and illuminating. It suggests that our political discourse has become increasingly detached from the experiences of ordinary Americans, who are often more concerned with making ends meet than with grand theories of economic inequality. Zwick astutely observes that we’re not quite focused on this issue in the right way as a society.

The roots of this problem date back to Ronald Reagan’s presidency and his tax-cutting instinct shaped by his own Hollywood experiences. The unintended consequences of these policies have created an aristocracy operating outside of public view, yet wielding significant influence over our politics.

Zwick and Zidar’s work resonates with historian Patrick Wyman’s theory of the “American Gentry,” which posits that salt-of-the-earth millionaires far outnumber the coastal elites typically thought of as America’s true aristocracy. While Wyman’s analysis has been criticized for its polemical tone, it offers a compelling explanation for the persistence of this group.

This quiet aristocracy highlights the need for a more nuanced discussion around wealth creation and inequality. Rather than focusing on billionaire moguls or tech entrepreneurs, we should be examining the everywhere millionaires who operate behind the scenes. This requires challenging our assumptions about what constitutes success and prosperity in America.

Zwick and Zidar’s research offers a stark reminder of the power dynamics at play in American politics. By shining a light on these everywhere millionaires, they offer a glimpse into a world where policy decisions are shaped by interests that operate outside of public view. It is essential that we prioritize transparency and accountability in our governance structures, lest we perpetuate a system that benefits the few at the expense of the many.

The question remains: what kind of America do we want to build? One where policy decisions are driven by the interests of the everywhere millionaires or one where ordinary Americans have a voice in shaping their own destiny? The choice is ours.