and<\/em> more than most of the US combined. With $1.03 billion of investment funds in 2023 alone, The Golden State makes up almost half (41%) of the US venture capital total of $2.5 billion. <\/p>\n\n\n\nBeyond investment, even the average joe makes more. The annual income sat at $73,220 avg. for Californians, 22% more than the national numbers. With that in mind, California did rank as the second highest cost of living in the country, following only slightly behind the expensive Massachusetts. Your bank account might have a few extra zeros behind it if you move to California, but just remember, a bottle of water can cost upwards of $26 at the Erewhon grocery store. <\/p>\n\n\n\n
If you\u2019re California dreaming of capitalism, just know you stand a 9% chance of striking it rich<\/strong>. Not all that bad actually! <\/p>\n\n\n\nThe rich runner-ups <\/h2>\n\n\n\n If you’ve never quite pictured yourself living in the Malibu dream house, don\u2019t worry. There are plenty of states to test your luck at the American Dream. The concrete jungle is also ample with opportunities! New York ranked #2 for best state to become a millionaire<\/strong>. <\/p>\n\n\n\nOpportunities aren\u2019t just limited to the Big Apple either. The state, in its entirety, had higher education rates (37% have a bachelor\u2019s degree or more), higher GDP, and a bigger labor market. It\u2019s interesting to note too that New York\u2019s wealth doesn\u2019t scream, it whispers. Instead of most of its money coming from investment capital, like California, it\u2019s more of a slow burn (read: generational wealth). With higher annual salaries ($75k vs. $59k national average), New Yorkers are building their empires in different ways. Well… that and the highest concentration of extreme wealth<\/strong> in the country might mean a \u201csmall loan of a million dollars,\u201d but they\u2019ve earned it! Right? <\/p>\n\n\n\nIf you weren\u2019t born into names like Rockefeller or Vanderbilt, fear not! In New York, you stand about a 7.52% chance of becoming a millionaire<\/strong>. <\/p>\n\n\n\nBay State? More like Bae State! Massachusetts wins our hearts (and our wallets) as the 3<\/strong>rd<\/sup><\/strong> best state for becoming a millionaire<\/strong>. Massachusetts prides itself on having the most GDP per capita in the US<\/strong>, but it doesn\u2019t stop there. That GDP translates to \u201cby the people, for the people\u201d with some of the highest salaries in the country ($77k avg.). <\/p>\n\n\n\nMassachusetts isn\u2019t wealthy in the same way that New York or California are. Where California boasts \u201cstart-up bro\u201d rich and New Yorkers are \u201cdad\u2019s money\u201d it\u2019s a different ball game in MA. Consider that Harvard, MIT, and Boston College are some of the richest universities in the country and you get a better idea as to why there\u2019s money to be made in Massachusetts. <\/p>\n\n\n\n
If you\u2019re Ivy or otherwise, Massachusettsans stand a 9.38% of hitting millionaire status. <\/p>\n\n\n\n
Best US cities for becoming a millionaire <\/h2>\n\n\n\n Let\u2019s get granular. The chances of striking it rich in Oakland versus Presidio Heights, for example, might vary drastically and they\u2019re only miles away. Looking beyond the state level, we wanted to know, out of the top 25 most-populated cities, what urban areas are best for accumulating wealth. <\/p>\n\n\n\n
Just as California is a rich state, so are its stand-alone cities. 3 out of the top 4 best cities for becoming a millionaire are in California<\/strong>. #1 goes to San Francisco followed by San Jose for #2, and Los Angeles at #4. San Francisco isn\u2019t just rich, it\u2019s rich rich<\/em>. Every 1 in 1,060 city residents is ultra-wealthy \u2013 this goes far beyond a couple of lousy millions! All that money does however mean steep housing costs which shines light on why San Francisco has the 10th<\/sup> highest amount of unsheltered homeless populations. <\/p>\n\n\n\nSan Jose is just as techie as its San Fran counterpart. Coming into 2<\/strong>nd<\/sup><\/strong> place as the best city for becoming a millionaire<\/strong>, San Jose has the third highest GDP per capita in the world (just behind Oslo and Zurich) in part thanks to the tech giants who reside there. Cisco Systems, eBay, Adobe Inc., PayPal, Broadcom, and Zoom all call San Jose home. With the medium household income at $113k, it doesn\u2019t seem so farfetched to become rich in Teal Town. <\/p>\n\n\n\nCalifornia can\u2019t have all the fun. Boston ranks as the 3<\/strong>rd<\/sup><\/strong> best city for becoming a millionaire<\/strong>. Boston is the 9th<\/sup> richest city in the world with plenty of wealth to go around. The latest figures show that Harvard\u2019s endowment is $49.44 billion. A smooth tenure at the university can really add up! For those outside of academia, Boston\u2019s millionaire households had the third highest amount of bonds, stocks, and personal retirement funds. Education helps of course, but with the high concentration of assets, we can see that investment goes a long way too. <\/p>\n\n\n\nThe Worst States for Becoming Millionaires <\/h2>\n\n\n\n Not everything that glitters is gold. By the numbers, we can already see that a vast majority of America\u2019s wealth is held up in only a few states. Some states fare worse than others when it comes to moving up the wealth ladder. <\/p>\n\n\n\n
At the bottom of the list is Mississippi, where they scored a 2\/100 on the millionaire index. Only 4% of the state has millionaires’ status and 2, who happen to be brothers, have earned billionaires’ titles. Mississippi isn\u2019t kind to those trying to make a dollar either. CNBC claimed the court system to be one of the most hostile towards business. On the upside, Mississippi has one of the lowest cost of living rates, so even if you don\u2019t hit the magic number of $1 million, you can still live a decent life on less. <\/p>\n\n\n\n
For the bottom 2, West Virginia and Arkansas tied at a 4\/100 on the millionaire index. Both states had relatively low education rates compared to the national average as well as minimal job opportunities (per the labor index) for both degree and non-degree holders. Much like Mississippi, these 2 states don\u2019t necessarily require millions to live a good life. Both states make it into the top 10 cheapest states to live in the US<\/strong> at a 90.2 on the cost of living index. That certainly beats a $12 coffee in NYC! <\/p>\n\n\n\nUS cities where you\u2019re least likely to become a millionaire <\/h2>\n\n\n\n Compare the $18.07 minimum wage in San Francisco to El Paso\u2019s $12.11 and you begin to see the wealth disparity a bit clearer. Out of the 25 most populated US cities, El Paso ranked last with a score of 13\/100 on the millionaire index<\/strong>. With a count of 6,000 millionaires and 1 billionaire, the community with the deep pockets is a small one. The chances of becoming a millionaire in El Paso? Less than 1%. <\/p>\n\n\n\n <\/figure>\n\n\n\nIndianapolis also doesn\u2019t bode well for aspiring millionaires. Scoring 21\/100 on the millionaire index, the factors work against those trying to earn big. The exact amount of millionaires in Indianapolis is unknown, but only 5.34% of the whole state holds that kind of wealth. Ranking 9th<\/sup> in the nation for the number of impoverished neighborhoods, the millionaire dream seems challenging. With that said, there are stories of inspiration that show us that even if the odds are low, not all is lost. Herb Simon, owner of the Indiana Pacers with a now approximate net worth of $4 billion was raised in poverty. The odds are slim in Indiana, but nothing is impossible! <\/p>\n\n\n\nThe million-dollar question <\/h2>\n\n\n\n Alright Sharks, show us the money! If you\u2019ve got an idea that you’re itching to share to make the big bucks, there are certainly some states that are more receptive than others. That said, the US, on the whole, still has the American Dream to share. The probability of becoming a millionaire in the US is 6.4% – slim, but not futile! Just remember, Kim Kardashian is a billionaire. If Ms. (and I quote) \u201cStretchmarks are my biggest fear in life\u201d can do it, you can too! <\/p>\n\n\n\n
Methodology <\/h2>\n\n\n\n In May 2024, we collected state and economic statistics to combine for a weighted score. The weighted score used wealth factors to determine the best states to become a millionaire. <\/p>\n\n\n\n
Fair Use <\/h2>\n\n\n\n Feel free to use the data or visuals on this page for non-commercial purposes. Please be sure to include proper attribution linking back to this page to give credit to the authors. <\/p>\n\n\n\n
For any press questions, please contact riley.clark[at]casino.org <\/p>\n","protected":false},"excerpt":{"rendered":"
“I wanna be a billionaire so freakin\u2019 bad\u201d – Bruno Mars was onto something when he serenaded us about his …<\/p>\n","protected":false},"author":97,"featured_media":40491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"acf":[],"yoast_head":"\n
Best (and Worst) States for Becoming a Millionaire<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n