Economists Owen Zidar and Eric Zwick say America’s wealthiest households are often built around local businesses rather than technology, finance or inherited fortunes. Their research, based on Treasury and IRS data matching tax records with businesses and owners, identifies roughly 5 million households worth at least $5 million, with combined wealth exceeding 13 times that of the Forbes 400. About 3 million private-business owners have average wealth of roughly $25 million. Most started their own companies, and many use pass-through businesses (companies whose profits flow directly to owners’ tax returns), including LLCs, sole proprietorships and partnerships. The structure avoids corporate double taxation and allows a 20% deduction on qualifying income. Zidar and Zwick describe a typical subject as a 62-year-old married business owner who is more likely than the general population to hold a college degree, but remains actively involved in the company. Their findings echo the earlier portrait in The Millionaire Next Door while showing that many of these owners spend visibly on yachts, large homes and other luxuries. Zwick argues the data point to a more resilient American Dream, and says technology and artificial intelligence may change local businesses without eliminating demand for practical services such as HVAC.