Princeton exposes where America’s ‘quiet millionaires’ are hiding — and it’s not on Wall Street. Here’s the new (and boring) path to riches in 2026

Researchers and authors Eric Zwick and Owen Zidar recently published The Everywhere Millionaire, revealing how some of the biggest growth in new millionaires since the 1980s has been in unglamorous businesses, like contracting, franchise ownership, running a string of mom-and-pop shops, or managing dental and doctor's offices.

So is it time to give up your 9-to-5 and buy a laundromat? Here’s what you need to know about wealth building today.

Where the wealthy are hiding

Zidar, in an interview with the Princeton Economics department, said that during the pair’s research into how much tax private business owners pay, they uncovered “a hidden world of ordinary Americans who had gotten extraordinarily rich running private businesses”.

“We’d been missing the vast forest of American entrepreneurs for a few redwoods in Silicon Valley,” Zidar said.

“I expected hedge funds and software. Law and finance are up there, but right behind them are auto dealers, and then consultants, oil and gas, doctors with their own practices, homebuilders, accountants, HVAC contractors, dentists.”

In other words, building wealth is more accessible than you might think. The researchers found that these business owners come from all walks of life and all sorts of educational backgrounds — meaning the American Dream may still be alive and well.

Here’s how they do it.

Saving like a business owner

According to a Business.org survey from 2023, the cost of starting a business can be pretty high, especially for the brick-and-mortar type that made so many “Everywhere Millionaires.”

The survey found the average online-only business owner spent $35,000 during their first year in business. This rises to $92,500 for mobile business owners and $100,000 for operating a storefront. It can also take years to reach profitability. Absorbing some losses is to be expected, unless you get very lucky.

With operating costs so high, new business owners might want to have fully stocked emergency savings for their personal expenses and for their business. Being able to quickly access your cash is essential, and so too is getting a good rate to lessen the impact of inflation on your dollars. If you want to save for your small business dream, there are some tools that can help you make it a little easier.

A high-yield account like a Wealthfront Cash Account can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.

A Wealthfront Cash Account currently offers a base rate APY of 3.55% through program banks. With a new client boost and direct deposit incentive, referred clients can earn up to a 4.55% APY.

That’s 10 times the national deposit savings rate, according to the FDIC’s August report.

With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, you get access to up to $8M FDIC Insurance eligibility through program banks.

If you’re already struggling to save for your personal emergency fund, getting together enough cash to start a business can seem like a pipe dream. However, there is a way to make even your spare change support your aspirations.

An automated investing service like Acorns simplifies the process of setting aside extra funds.

How it works is simple: Acorns supercharges your savings by rounding up each purchase to the nearest dollar and investing it in index funds or ETFs tailored to your risk tolerance. Along with big names like the Vanguard S&P 500 ETF, Acorns also sets you up to invest in specific sectors of the economy through custom portfolios. This includes areas like heavy industry, energy, consumer staples and utilities.

Then, once you’re comfortable with your round-ups, you can boost your savings with recurring monthly deposits into your favorite funds. And if you sign up today with a $5 recurring deposit, Acorns will add a $20 bonus to help you begin your investment journey.

The rise of the Main Street Millionaire

The New Yorker reports that, according to research from Zwick and Zidar, the collective net worth of the Forbes 400 was $6.6 trillion in 2025. The main streeters had, collectively, thirteen times that amount.

In a seminar for the London School of Economics, Zwick explained that there are so many of these types of millionaires that they are most likely to be the typical 0.1-percenter. In fact, for every CEO of a large public company, there are 1,000 millionaire small business owners, each with a net worth of at least $25 million.

A helping hand from the tax man

Zwick explained that tax laws in America have made the numbers of this wealthy class skyrocket in the last 40 years.

Since 1985, pass-through businesses — ones where the owners pay taxes on their business profits through their personal income tax returns — drove more than half of the rise in the top 0.1 percent’s share of income.

NPR reports that in 1980, these businesses accounted for around one-fifth of all U.S. business income. By 2011, they accounted for more than half.

The reason for the boom can be traced back to the Tax Reform Act of 1986. It lowered individual tax rates below corporate tax rates, and created a loophole: If business owners opted to set up their business as a pass-through, they could be taxed at the lower individual rate instead of the corporate rate.

How you can make millions the Main Street way

Before you set your eyes on the prize of becoming a multi-millionaire business owner, Zidar and Zwick have a word of caution: Their research showed that business owners in this class tend to eschew hobbies, work constantly, and possess a high tolerance for risk.

Speaking to The New Yorker, they described the life of these millionaires as “full, busy, and mundane.”

If you still want to go all-in, there are more ways to save up for that down payment on a storefront. The first thing to do is cut unnecessary costs. Annual fees, like those for your insurance, can often be trimmed down. That money can then be funneled straight into your emergency fund or investments.

By using a comparison platform like Insurify, you can instantly view quotes from top-rated providers to ensure you aren’t paying a hidden “loyalty tax” to your current insurer.

Just answer a few basic questions, and Insurify will show you the most affordable deals in as little as 3 minutes.

Not only is the process 100% free, but you could also save up to 15% by bundling your car and home insurance.

The next thing that a would-be business owner could do is find a reliable source of financial advice and management. A great financial advisor can help you find more ways to reduce your tax burden, manage your money better, and invest wisely. However, a traditional financial advisor can be expensive — not a great move when you’re trying to save as much as possible.