7.0 Learning Outcomes and Introduction

Introduction

In his book Billionaire Wilderness, Justin Farrell (2020) used his sociological eye to study the social class (see Chapter 6) dynamics of Teton County, Wyoming. Teton County was an ideal location for learning about class-based stratification because it has the largest income gap in the United States (Farrell, 2020). Farrell and his research team interviewed 155 ultra-wealthy, 50 low-income, and 25 middle-class individuals in Teton County and its surrounding areas. The interviews and observational research took place over five years.

Farrell’s (2020) study is one of the few of its kind because it is difficult for researchers to gain access to ultra-wealthy people. Unlike those in his research, Farrell had not been socialized into the norms of the economic elite. Yet, they opened up to him because he was a Yale University professor and had grown up in Wyoming. He was “just like” the people he studied because he was a local. However, he had higher  status compared to other locals because of his profession and employer.

The key point of Billionaire Wilderness is that structural factors, such as macroeconomic changes, can lead to broader social transformations. For example, Wyoming has favorable tax and residency policies. These policies make it appealing to ultra-wealthy people. Wyoming does not have an income tax or corporate sales tax, which attracts ultra-wealthy people to the state. Some stay only long enough to set up residency for the tax benefits. These macroeconomic changes in Wyoming attracted new and wealthier residents, making it more difficult for longtime residents with low and middle incomes to afford housing.  

Moreover, while many ultra-wealthy individuals in Teton County have worked or still work in the financial industry, most of their wealth and income comes from financial investments rather than wages. Beginning in the 1980s, opportunities to earn large sums of money by investing accelerated and are a significant factor in the growing economic inequality seen worldwide.

Teton County became a hub for the ultra-wealthy during the late 1990s, and their arrival brought many changes to the area. For example, the cost of housing has risen sufficiently to make home ownership unaffordable to most people. The median home price in Teton County is $3 million (realtor.com, 2024). In contrast, the median home price in the United States is $416,100 (Federal Reserve Bank of St. Louis, 2025). Lower-income people live in overcrowded housing and face the risk of eviction. They can no longer afford to live near their workplace (Farrell, 2020).

The same macroeconomic changes that have made Teton County the most economically unequal U.S. county have affected people everywhere. Moreover, structural changes like these have long led to changes in social class stratification.

Photo 7.1

Teton County has a Significantly High Median Home Price