 ?e call it the stealthy wealthy?These millionaires didn?work on Wall Street ?they built fortunes filling everyday needs. Here? whatyou can learn |
Source |
American Shipper |
Post Date |
06/17/2025 |
|
Someof the country? top earners are building quiet empires ?not on Wall Street orin Silicon Valley, but in ordinary places.
?ecall it the stealthy wealthy,?Owen Zidar, a Princeton economist who has studied the group withUniversity of Chicago economist Eric Zwick, told The Wall Street Journal.
ForgetIPO parties ?these fortunes were built on floor mats and carpet strippers, notstock tickers.
Andit? not just the founders who benefit. These unassuming companies areincreasingly shaping America? wealth landscape.
Businessownership made up 34.9% of income for the top 1% in 2022 ?up from 30.3% in2014, according to Zidar and Zwick.
Bigmoney from ?oring?businesses
Youdon? need an MBA to make millions ?just a knack for spotting a gap andfilling it. Take Derek Olson, who found success by making machines that tear upflooring, such as the carpet in old elementary schools. With schools across theU.S. averaging seven miles of carpet each,Olson? company stays busy, especially in the summer.
?oelementary schools basically need their floors redone almost every summer. It?this niche industry that no one knows about and everybody needs,?he told TheWall Street Journal. Olson now earns enough to land in the top 1% of U.S.income earners ?that? at least $550,000 a year, not including capital gains.
Olson??oring?business has brought his family anything but a boring life. The familyhas two Range Rovers and month-long summer getaways in Europe ?all funded by amidsize regional company most people would overlook.
TheOlson family isn? the only case where ?oring?turned into big bucks.
DavidMacNeil built his fortune selling car floor mats. Before founding WeatherTech,he worked a string of blue-collar jobs, ped out of college and even soldluxury cars. But it wasn? until a 1989 trip to Scotland that inspirationstruck: after renting a car with superior rubber mats that kept mud and watercontained, MacNeil realized the U.S. market was missing out.
Backhome in Chicago, he cold-called the English manufacturer, struck a deal andtook out a second mortgage to import a 20-foot shipping container of mats. Hestarted selling them from his garage.
Today,WeatherTech employs 1,800 people in Bolingbrook, Illinois, and manufacturesnearly all of its products in the U.S. MacNeil expects the company to pull inabout $800 million in revenue this year. Like Olson, MacNeil saw value whereothers saw something forget, and turned it into a manufacturing empire.
|
|
|
|
