Becoming a millionaire is a goal many Americans have. For those on the outside looking in, it feels impossible to amass that much wealth. America has the most millionaires in the world. There were nearly 24 million millionaires in America in 2024, according to UBS, which comprises roughly 40% of the world’s millionaires.
Income is an obvious part of building wealth. If you have a lower-paying job, achieving millionaire status is challenging, though still possible. In fact, many millionaires took a boring approach to achieving wealth status.
Rather than seeking a get-rich-quick strategy, many follow a boring method to amass $1 million. They intensely avoid high-interest debt, they take advantage of free money in 401(k) plans, and they start investing, whether in the stock market or a business, at an early age, according to Yahoo Finance.
The multi-pronged approach elevates their efforts to help them become millionaires. For people seeking to grow wealth, these strategies can be employed at any income level, and as time passes, momentum builds, intensifying their efforts. Starting early, in both debt elimination and investing, is the key, not the amount you begin with.
Where you live may also play a role, thanks to high-paying jobs, but that must be balanced with the cost of living. Not all locations boast a high concentration of millionaires, but some states have an overabundance.
A recent study from Arka identifies the top ten states with the most millionaire households, based on the number of households earning over $500,000 annually, the number of households with at least $1 million in assets, and wealth index. Here are the top ten states with the most millionaire households.
Hawaii
- Households earning over $500,000 annually: 61.9%
- Number of households with at least $1 million in assets: 44,000
- Millionaires to households: 7.76%
- Wealth index: 84.1
Massachusetts
- Households earning over $500,000 annually: 44.7%
- Number of households with at least $1 million in assets: 245,000
- Millionaires to households: 8.35%
- Wealth index: 71
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New Jersey
- Households earning over $500,000 annually: 42.6%
- Number of households with at least $1 million in assets: 323,000
- Millionaires to households: 8.50%
- Wealth index: 69.8
Maryland
- Households earning over $500,000 annually: 41.7%
- Number of households with at least $1 million in assets: 221,000
- Millionaires to households: 8.60%
- Wealth index: 67.9
California
- Households earning over $500,000 annually: 40.3%
- Number of households with at least $1 million in assets: 1,150,000
- Millionaires to households: 7.77%
- Wealth index: 65.8
Washington
- Households earning over $500,000 annually: 47.3%
- Number of households with at least $1 million in assets: 233,000
- Millionaires to households: 6.94
- Wealth index: 62.7
Connecticut
- Households earning over $500,000 annually: 33%
- Number of households with at least $1 million in assets: 130,000
- Millionaires to households: 8.43%
- Wealth index: 59.6
Colorado
- Households earning over $500,000 annually: 46%
- Number of households with at least $1 million in assets: 170,000
- Millionaires to households: 6.45%
- Wealth index: 59
Virginia
- Households earning over $500,000 annually: 36.5%
- Number of households with at least $1 million in assets:272,000
- Millionaires to households: 7.32%
- Wealth index: 58.3
New Hampshire
- Households earning over $500,000 annually: 36.5%
- Number of households with at least $1 million in assets: 46,000
- Millionaires to households: 7.01%
- Wealth index: 57.3
“Becoming a millionaire used to feel like the finish line, but today it’s more of a starting point. The number of millionaire households keeps climbing, yet the cost of living has risen right alongside it. Hitting seven figures doesn’t guarantee comfort in the same way it once did, what counts as ‘wealthy’ in America is changing fast,” said a spokesperson from Arka.
Amassing and growing wealth is possible, but it’s important to start early to reach the goal.
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This article originally appeared on GOBankingRates.com: The Top 10 States With the Most Millionaire Households
