Main Street Millionaires Have Far More Cumulative Wealth Than Billionaires

As this NYT article reports, the group of roughly three million “Main Street Millionaires,” as the authors of a recent study call them, have an average net worth of $25 million, and as a group, they commanded $54.8 trillion in 2022, the most recent year cited in the book. That’s more than 13 times the collective wealth that year of the billionaires on the Forbes 400 list, which includes household names like Musk and Bezos. The multimillionaires of Main Street are getting richer even faster than the famous Forbes 400, propelled by tax breaks largely created by Republicans and local regulatory advantages. So, when it comes to taxing the rich, we should put them on notice that we're coming after them.

[EOP]