For many Americans, saving $1 million is a financial milestone they hope to achieve — and where you live can make a big difference in how fast you get there. Surprisingly, high-income states aren’t always the best bet, thanks to their steep living costs.
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To find out where it’s fastest to save $1 million, Gold IRA Custodians analyzed income and cost-of-living data across all 50 states. Based on these numbers, they calculated how much the average person could realistically save each year to determine how long it would take to hit the seven-figure mark.
Here’s a look at the 10 states where the average person can reach millionaire status the quickest.
Wyoming
- Average income per capita: $81,918
- Average annual expenses: $31,948
- Estimated annual savings: $49,970
- Years to save $1 million: 20
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Connecticut
- Average income per capita: $89,307
- Average annual expenses: $41,208
- Estimated annual savings: $48,099
- Years to save $1 million: 21
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Illinois
- Average income per capita: $71,716
- Average annual expenses: $27,458
- Estimated annual savings: $44,258
- Years to save $1 million: 23
South Dakota
- Average income per capita: $72,546
- Average annual expenses: $28,365
- Estimated annual savings: $44,181
- Years to save $1 million: 23
Virginia
- Average income per capita: $73,681
- Average annual expenses: $29,368
- Estimated annual savings: $44,313
- Years to save $1 million: 23
Minnesota
- Average income per capita: $72,366
- Average annual expenses: $28,455
- Estimated annual savings: $43,911
- Years to save $1 million: 23
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Nebraska
- Average income per capita: $71,006
- Average annual expenses: $27,246
- Estimated annual savings: $43,760
- Years to save $1 million: 23
Colorado
- Average income per capita: $79,746
- Average annual expenses: $36,320
- Estimated annual savings: $43,426
- Years to save $1 million: 23
North Dakota
- Average income per capita: $71,574
- Average annual expenses: $28,607
- Estimated annual savings: $42,967
- Years to save $1 million: 23
Maryland
- Average income per capita: $74,945
- Average annual expenses: $34,040
- Estimated annual savings: $40,905
- Years to save $1 million: 24
Editor’s note: Data was sourced from Gold IRA Custodians and is accurate as of July 8, 2025.
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This article originally appeared on GOBankingRates.com: 10 States Where You Can Become a Millionaire the Fastest
