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America’s Rich Are Often Not the Billionaires Investors Imagine

A growing body of commentary is challenging the popular image of wealth in the United States, arguing that the country’s richest households are often not the headline-grabbing billionaires but affluent business owners, professionals, and asset-rich families. The debate matters for markets and policy because it shapes how investors, lawmakers, and consumers understand spending power, taxation, and the durability of U.S. household wealth.