Planet Money · Friday, September 25, 2026
Eric W., an economist at the University of Chicago, argues that a significant group of 3 million multi-millionaires, whom he calls the 'middlegarchy' or 'stealthy wealthy,' collectively hold more than 13 times the wealth of the Forbes 400 richest billionaires. This group, often overlooked compared to flashy billionaires, derives their wealth from mundane industries and are increasingly wielding their economic power to influence policy and society.
“So, the oligarchs, we're giving them too much credit for, you know, controlling things. And we're not giving enough credit to the middlegargs.”
“Because this group collectively holds more than 13 times the wealth of the Forbes 400 richest billionaires. They're way wealthier.”
“We call the mainstream millionaires because they're on every main street.”