America Has More Millionaires Than You Think. Here's How Most of Them Got Rich.

September 17, 2026 / 5:00 AM EDT / CBS News

America Has More Millionaires Than You Think. Here's How Most of Them Got Rich.

TL;DR

  • The majority of millionaires in the U.S. are owners of local businesses, not tech or finance professionals.
  • These 'everywhere millionaires' often operate 'pass-through' businesses like sole proprietorships and partnerships.
  • Their wealth, accumulated over years of hard work, exceeds that of the Forbes 400 combined.
  • Pass-through business structures offer tax benefits that aid wealth accumulation.
  • The path to becoming an 'everywhere millionaire' remains viable, with opportunities to solve tangible, everyday problems.
  • The typical 'everywhere millionaire' is 62, married, and often started their own business without inheritance.
  • Examples include dentists, HVAC contractors, and restaurant chain owners, with a typical profile of Dick Portillo, who built a hot dog empire.