At the Money: The Data Behind America's Wealthy

Summary of At the Money: The Data Behind America's Wealthy

by Bloomberg

13m•September 30, 2026
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Overview of At the Money: The Data Behind America's Wealthy

This Bloomberg At the Money episode dives into new research on wealth in America, using data from Owen Zidar and Eric Zwick’s book The Everywhere Millionaire: Who Is Really Rich in America and How They Got There. The central argument is that America’s wealth is far broader and more concentrated among private business owners than most people realize—and that public attention, tax policy, and political influence tend to focus disproportionately on a tiny billionaire elite rather than the much larger population of wealthy “Main Street” millionaires.

Key Takeaways

Wealth in America is much larger—and more distributed—than the usual billionaire narrative

  • The richest Americans are not just the familiar names on the Forbes 400.
  • There are far more wealthy people operating private businesses than running public companies.
  • The authors argue that public discourse overstates the importance of a small number of ultra-billionaires and understates the size and influence of the broader wealthy class.

Private business owners are the dominant source of top-end wealth

  • For every wealthy public-company CEO, there are more than 1,000 private business owners worth at least $25 million.
  • Roughly 1.5 million people fall into that high-net-worth private-owner category.
  • About half of Americans worth $5 million or more own a private business.
  • The episode emphasizes that business ownership is the key pathway to substantial wealth accumulation in the U.S.

Main Street millionaires dwarf the Forbes 400

  • The Forbes 400 gets disproportionate media attention, but it represents only a tiny share of U.S. wealth.
  • According to the discussion, the Forbes 400 hold only about 3% of total U.S. household wealth.
  • By contrast, “Main Street millionaires” collectively hold about 40% of household wealth and are said to be worth 13 times more than the Forbes 400 combined.
  • The episode argues that this mismatch distorts how people think about wealth, opportunity, and policy.

The number of very wealthy Americans is surprisingly large

  • 5 million households have more than $5 million in wealth.
  • About 2 million Americans are worth $10 million or more.
  • Perhaps the biggest surprise: around 65,000 Americans are centimillionaires—worth $100 million+.
  • The hosts stress that this is an enormous group compared with the tiny Forbes 400.

Policy Implications Discussed

Estate tax collection is far lower than most people think

  • Roughly $200 billion transfers tax-free every year.
  • Only about 0.1% of U.S. estates pay any estate tax.
  • The guests argue that the estate tax has been weakened significantly, in part by higher exemption thresholds and avoidance strategies.
  • Their view: inheritance and estate tax policy should be revisited given the scale of wealth transfers underway.

Non-competes reduce worker bargaining power

  • The episode cites an estimated $300 billion annual labor penalty from widespread non-compete agreements.
  • The guests argue that non-competes often restrict ordinary workers—not just executives or employees with access to trade secrets.
  • They frame this as a structural factor limiting wage growth and labor mobility, especially in lower- and middle-tier jobs.

Wealth strongly shapes political representation

  • Wealthy Americans are overrepresented in Congress:
    • People worth $10 million+ are about 10x more likely to be in Congress than in the general population.
    • People worth $100 million+ are about 62x more likely to be in Congress.
  • The episode suggests this affects policymaking, especially around taxes, deficits, and loopholes that benefit high-wealth individuals.

Broader Themes

The U.S. is a wealthy country, but wealth is highly concentrated

  • The conversation challenges the idea that wealth in America is only about tech billionaires or public-facing CEOs.
  • It shows that substantial wealth is widespread among private business owners across industries and regions.
  • Cities and affluent enclaves have high-end real estate not just because of a few billionaires, but because many more people have accumulated serious wealth.

Public narratives can hide the real shape of wealth

  • The guests argue the media focus on the Forbes 400 creates a narrow and misleading picture.
  • Their goal is to “broaden the aperture” so people understand who is rich, how they got rich, and what that means for economic policy.

Bottom Line

The episode’s core message is that America’s wealth story is not just about billionaires—it is about a much larger class of private business owners and high-net-worth households who hold a huge share of national wealth. That reality has major implications for taxes, labor markets, housing, and political power.