America's wealthy are far more numerous, and more geographically spread out, than the billionaires and technology founders who dominate rich lists, with nearly 5 million U.S. households now holding a net worth of at least $5 million.
Many of those fortunes belong to owners of private businesses such as dental practices, car dealerships, restaurant chains, distributors and HVAC companies, economists Owen Zidar and Eric Zwick found after spending years examining U.S. Treasury and Internal Revenue Service data.