Owen Zidar and Eric Zwick: The Everywhere Millionaire: Who Is Really Rich in America and How They Got There

Bogumil Baranowski (0:00)

First of all, you define those Main Street millionaires as individuals that have on average about 25 million. There are 3 million of them in the country. But you say that collectively, Main Street millionaires have more than 13 times the wealth of the Forbes 400 13 times. That's not enough. On top of it, you say that Main Street makes more than 10 times what a C-suite executive makes.

And then on average, they make one and a half times as an average CEO of a public company. I think our attention has been on the wrong group of a society for too long. You're opening our eyes to a much bigger part of the country that's doing very well and we'll learn more how and why.

Owen Zidar (0:38)

I mean, the basic data are all of the tax forms. The company has to file forms for each owner, so you can basically follow the money if you're able to link these two. They weren't made to be linked. And so we had to do a lot of work to kind of decipher what exactly everything meant, make sure that all added up, and figure out how to bring it all together. And we were the first to do that. And what emerged is really fascinating because then, for the first time, you can see the whole economy for what it actually is.

Eric Zwick (1:07)

You take the Forbes 400, which is maybe the popular version of the wealth in America, put them on a map. They're mostly on those like four cities, five cities. More than half of them are in those five cities.

Now, take the same map and instead populate it with Everywhere Millionaires. That's the reason we call them Everywhere Millionaires, because the whole map lights up. Like everywhere, they're people, basically. They're these Everywhere Millionaires living in suburbs. They've got big houses. They have second houses in Aspen or on Lake of the Ozarks. So they're all over. So their abundance in number is just really striking and hard to wrap your mind around.

Bogumil Baranowski (1:55)

Welcome to Talking Billions. We talk about big ideas, big inspirations, big topics. We take on the hardest topic of all, money. How to make it, save it, keep it. But our conversations lead us to an even bigger question, what it means to live a rich life beyond money.

My guests share their practices, principles, and evergreen wisdom. I'm your host, Bogumil Baranowski, author, TEDx speaker, and investment advisor to wealth creators with patient capital and an infinite investment horizon. I work with families and individuals who aspire to grow wealth over a lifetime and generations through disciplined, thoughtful investments in durable quality businesses, while giving money, meaning, join me on this quest to unearth and share the wisdom of the ages. Let me share with you the podcast program disclosure statement. Blue Infinitas Capital, LLC, is a registered investment advisor, and the opinions expressed by the firm's employees and podcast guests on the show are their own and do not reflect the opinions of Blue Infinitas Capital. All the statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such. Any statements or opinions are subject to change without notice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. The information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual.

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