Best U.S. states for becoming a millionaire — How does NJ rank?

We know that the cost of living here is one of the highest in the nation, and so it stands to reason that our residents have to earn more money to be able to survive here.

But does that mean we have more millionaires than any other state? Well according to a new survey, we’re pretty close.

Compared to other states in the United States, New Jersey makes it relatively easy.

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If you’ve got a big idea and are ready to pitch it, some states might be more receptive than others.

While the American Dream is still alive nationwide, the probability of becoming a millionaire in the U.S. is 6.4% – not great, but not impossible either.

The wealth report highlights which cities and states are best for those aspiring to join the millionaire club.

It compiled various wealth factors to rank the best and worst places for becoming a millionaire. These factors include the cost of living index, access to investment funds and venture capital, average income, education rates, GDP per capita and the current concentration of millionaires.

These factors were combined into a weighted index to determine the likelihood of becoming a millionaire across states and the 20 largest U.S. cities.

Ok, so now that we know that we are a state that is pretty conducive to becoming a millionaire, and before I reveal our rank, let’s look at why.

Well, we happen to be close to some of the wealthiest cities in the country, right? In terms of cities close to home, NYC, unsurprisingly, ranked as the ninth wealthiest city.

Therefore, it stands to reason that New Jersey would be the home of the millionaires who work there!

The study also pointed out that the average New Jerseyan has about a 9.7% chance of making $1,000,000.

Then again, with all good news, there’s also some bad. In this case, it’s that New Jersey has the 11th highest cost of living in the country.

A lot of other interesting statistics about states that earn the most and the least were involved in the study.

For example, I would’ve guessed that West Virginia had the smallest chance of producing millionaires because it is often sided as the poorest state in the country.

However, it’s actually Mississippi that’s at the bottom of the list. There, they scored a 2/100 on the millionaire index. Only 4% of the state has millionaires’ status and only 2 billionaires, who may not even count as two because they happen to be brothers!

But here, it’s almost like millionaires are a dime a dozen. New Jersey is ranked fourth in terms of how easy it is to become a millionaire. In the entire country!

Yup. Only in three other states do you have a better shot at earning $1 million. Unsurprisingly, it’s California, New York, and Massachusetts that give you slightly better odds.

For more interesting interesting details on this study. Check it out here.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

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