Flooring Contractor Among WSJ's "Stealthy Wealthy"

New York, NY, May 19, 2025-"Derek Olson grew up dreaming about the thrill of running his own business. Decades later, that dream came true and made him wealthy-just not exactly in the way he expected. Olson has made a fortune making machines that rip up flooring, like carpeting in elementary schools,” reports the Wall Street Journal in its article titled, “Meet the ‘Stealthy Wealthy’ Who Make Their Money the Boring Way.”

“‘This is how sexy it is: The average elementary school in the United States has 7 miles of carpet-and children are disgusting,’ said Olson, chief executive of National Flooring Equipment and the father of two, chuckling. ‘So elementary schools basically need their floors redone almost every summer. It’s this niche industry that no one knows about and everybody needs.’

“Finance and Silicon Valley offer glamorous, high-profile paths that can lead to significant wealth. But a vast universe of traditional routes focused on providing goods and services has become increasingly central to the accumulation of significant, if less obvious, wealth in the U.S. 

“‘We call it the stealthy wealthy,’ said Owen Zidar, a Princeton University economist who has studied the group with University of Chicago economist Eric Zwick. 

“Olson’s annual income running his flooring-equipment company puts him in the top 1% of earners in the U.S., or people who as of 2022 made at least $550,000, excluding capital gains. He expects Minnesota-based National to bring in roughly $50 million in revenue this year, after recently buying an Australian manufacturer. His family’s luxuries include two Land Rovers, private school for the kids and a month-long European summer vacation.”

Olson is CEO of Denver, Colorado-based National Flooring Equipment Inc.