Economists found that the majority of income growth for the top 1% isn't from Wall Street or Silicon Valley, but from privately held "pass-through" businesses. This growth was spurred by the 1986 Tax Reform Act, which incentivized owners to structure firms this way.
Contrary to the "follow your passion" mantra, building wealth often comes from unsexy, low-status fields with low barriers to entry. Blue-collar owner-operators in trades like construction or services like auto dealerships are a common archetype for the "everywhere millionaire."
While an elite degree triples one's chances of success as a salaried employee in a large company, it has a negligible effect on becoming a successful entrepreneur. For business owners, customer satisfaction with skills and service matters far more than university prestige.
As millionaire founders retire, their businesses often decline when passed to children who are ill-equipped to run them effectively. This dynamic creates a massive opportunity for savvy entrepreneurs to acquire or out-compete these established, family-run firms.