If you’re not already a millionaire, it’s a club you probably dream about joining every so often. You’re not alone. Everyone wants to be wealthy. Not to ruin the party, but the probability of becoming a millionaire in the U.S. is only 6.4%.
However, there are plenty of Americans that have reached that milestone. The number of U.S. households with assets of at least one million or more has increased steadily over the past decade, according to a February 2024 report by Statista. In 2022, there were more than 22.7 million people with a net worth of more than one million. Nearly 111,000 individuals had net assets of at least 50 million U.S. dollars.
Some states (and some cities) are better than others for earning a million dollars, according to a recent report from Casino.org that looked at the cost of living index, average income, education rates, CGP per capita and more.
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Where are the best places to become a millionaire? Try the coasts
- San Francisco is the #1 city to become a millionaire, with a 35% chance of earning seven figures or more.
- San Jose follows closely behind at 2nd place.
- Boston is the 3rd best city for becoming a millionaire.
- El Paso is the worst city for trying to become a millionaire.
- California ranks the #1 state for earning $1,000,000, with 17.9% of its population being millionaires.
- New York state is the #2 best state for becoming a millionaire.
- Mississippi comes in dead last on the states list with only a 4% chance of becoming a millionaire.
Best states to become a millionaire
- California
- New York State
- Massachuetts
- New Jersey
- Maryland
- Connecticut
- Virginia
- Colorado
- Washington State
- Illinois
Worst states to become a millionaire
- Mississippi
- Arkansas
- West Virginia
- Kentucky
- Louisiana
- Idaho
- Alabama
- Oklahoma
- South Dakota
- Nevada & South Carolina (tie)
Best cities to become a millionaire
- San Francisco
- San Jose
- Boston
- Los Angeles
- Fort Worth
- Austin
- Dallas
- Seattle
- New York
- Nashville
Worst cities to become a millionaire
- El Paso
- Indianapolis
- Denver
- San Diego
- San Antonio
- Jacksonville
- Columbus
- Oklahoma City
- Las Vegas
- Philadelphia
Working hard and avoiding debt
Interestingly, the majority of millionaires didn’t become wealthy because of earnings from a job. In fact, in a poll by Ramsey Solutions, 93% of millionaires claimed they became rich by working hard and avoiding debt. Only 31% of those surveyed had an annual income of $100,000 at some time in their careers, and one-third never made $100,000 at any time in their careers.
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