They may not attract public attention like billionaires, but an analysis says the so‑called "hidden rich," whose assets range from tens of millions to hundreds of millions of dollars, are reshaping the U.S. economy. The Wall Street Journal (WSJ) said they are changing consumption and investment flows and exerting new influence across the U.S. economy. Experts agree that the drivers of the United States have broadened from a few billionaires to hundreds of thousands of ultra‑high‑net‑worth individuals.
◇ "It turns out the guy next door is worth 50 billion won in assets"
According to an analysis by Owen Zidar, an economics professor at Princeton University, of Federal Reserve (Fed) data, the "ultra‑wealthy" with assets of $30 million (about 45.2 billion won) or more number about 430,000 households in the United States alone. Among them, there are as many as 74,000 households with more than $100 million (about 150.1 billion won). The WSJ explained that the rise of the hidden rich means more than simple population growth. Over the past few decades, the growth rate of these ultra‑wealthy households has outpaced overall population growth.
What is interesting is who they are. They are not chief executive officers (CEOs) of the big‑tech corporations everyone knows. Professor Zidar said, "A significant number of them are not white‑collar workers in major cities but business owners who run car dealerships in the regions or operate small and midsize manufacturing."
Though their names are unfamiliar, those who have built solid assets have grown into "quiet giants of wealth" through the decades‑long surge in asset prices. Public recognition is low, but some say their real scale of wealth is on par with billionaires.
◇ The wealthy don't go all in on "the house"
Behind their rapid wealth gains is a strategic asset portfolio. In a typical U.S. household, most assets are tied up in a single home. It feels good when home prices rise, but there are limits to actual cash flow and the pace of asset accumulation.
By contrast, the top 0.1% did things differently. Seventy‑two percent of their assets are in stocks and mutual funds, and equity in privately held corporations they own. According to the "Real‑Time Inequality Tracker" created by Professor Emmanuel Saez of UC Berkeley and Professor Gabriel Zucman of the Paris School of Economics, while the Standard & Poor's (S&P) 500 index has soared more than threefold over the past 50 years, the assets of the top 0.1% of U.S. households have swollen more than 13 times even after adjusting for inflation. As of 2024, a net worth of $43 million (about 64.8 billion won) or more puts a household in this group.
The WSJ pointed out that baby boomers, who have participated in capital markets for decades, are the biggest beneficiaries of this vast asset expansion. According to the WSJ, two out of three households with assets of $30 million (about 4.52 billion won) or more are headed by baby boomers.
◇ Luxury market also "polarizes"
The formidable firepower of the "hidden rich" is also reshaping the consumer market. Ultra‑high‑end brands such as Hermès, Brunello Cucinelli and Ferrari are maintaining solid growth on the back of this customer base. In contrast, brands targeting the middle class are struggling amid falling demand, making consumption polarization more pronounced.
Since the COVID‑19 pandemic, demand has also surged for top‑tier homes and ultra‑luxury travel. In particular, use of fractional ownership services for private jets, such as NetJets, has increased sharply. This shows a consumption pattern of those who want the same privileges while reducing the burden of outright private‑jet ownership.
Experts now see the economic fulcrum shifting from a handful of billionaires to a much broader group of ultra‑high‑net‑worth individuals. If a few billionaires once dominated markets, now hundreds of thousands of "hidden rich" are shaping consumption and investment flows. They may not be ostentatious, but they are already wielding formidable influence across asset markets and consumer markets. That is why some say "invisible rich" are changing the game of the economy.