Main‑Street Millionaires Dominate Wealth

A large share of U.S. multimillionaires are not tech founders or public‑company executives but owners of ordinary, privately held local businesses (auto dealerships, HVAC, distributors) organized as pass‑throughs. Because there are millions of them and their average net worth is high, they collectively hold more wealth and have different tax profiles and political incentives than the celebrity billionaire class. — Shifts attention from billionaires to the politics and tax treatment of small‑business owners, implying different policy levers for inequality, revenue, and local political influence.