If you’re like me and you’ve been trying to manifest becoming a millionaire here in El Paso, Texas well…. I have some bad news for you.

The 2024 Wealth Report has unveiled the most affluent cities in America, sparking dreams for those aspiring to join the millionaire's club. 

Where Does El Paso Stand?

The report did some deep digging and identified the Best Places for Becoming a Millionaire, assessing various wealth factors through a weighted index, and surprisingly, El Paso, Texas, ranked last (#20) with residents standing less than a 0.002% chance of becoming millionaires.

*Cries in Spanish*

According to this report, this may indicate that wealth in El Paso is more generational than earned. In contrast, Texas’ Fort Worth ranked #5, showcasing a more promising environment for aspiring millionaires.

Here’s How They Came To That Conclusion:

The study considered key factors influencing financial growth, including the Cost of Living Index, access to investment funds, average income, education rates, GDP per capita, and the current concentration of millionaires. 

These elements were combined into a weighted score, ranking states and 20 US cities by their likelihood of becoming a millionaire.

Courtesy: Casino.org
Courtesy: Casino.org

Where Should I Move To Become A Millionaire?!

San Francisco emerged as the top city with a millionaire index score of 94/100, while California was declared the best state for aspiring millionaires, boasting 17.9% of its population as millionaires. 

California's prominence is no surprise given its robust venture capital scene, particularly in Silicon Valley. In 2023, California secured $1.03 billion in investment funds, accounting for 41% of the US total. 

Additionally, Californians enjoy an average annual income of $73,220, significantly higher than the national average, despite the state's high cost of living. With a 9% chance of becoming a millionaire, California remains a top destination for those chasing the American Dream, despite the occasional $26 bottle of water at Erewhon.

Where is the WORST place to become a millionaire?

On the other end of the spectrum, Mississippi was the toughest state for potential millionaires, scoring just 2/100.

Alright so El Paso isn’t the WORST place to live in when it comes to becoming a millionaire so I guess we’ll take that win!

However, if you are in fact a millionaire living in El Paso, check out this million dollar home that you can purchase!

El Paso’s Most Expensive Home

Gallery Credit: Courtesy: Zillow.com

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