So-called “Main Street Millionaires” — as they’ve been dubbed in a new book by economists Owen Zidar and Eric Zwick — have more than 13 times the wealth of the Forbes 400. So who are they?
A new class of overnight millionaires and billionaires are bidding up San Francisco housing at the fastest rate in the country. And that’s before Anthropic and OpenAI have even gone public.
Wealthy people have been driving an increasing share of consumer spending over the last year. That’s largely because asset values have been increasing, encouraging wealthy people to keep spending money.