How Long It Takes To Become a Millionaire in Every State

Many Americans do more than dream about becoming millionaires. They proactively work to reach this milestone by saving money early and consistently and practice making sound investments. As they focus on hitting this financial goal, some may wonder if there’s a ballpark timeline to strategically anticipate between now and the moment they are millionaires.

To find out how long it takes to become a millionaire in every U.S. state, GOBankingRates used the median household income data from the 2022 American Community Survey and annual consumption data from the Bureau of Economic Analysis 2022 report. Once GOBankingRates found the difference between what a median household in every state earns and per capita consumption in each state, we divided that figure by 1 million. Doing so revealed the number of years, days and months it would take to reach $1 million in every state for those with just savings as well as those with savings and investments.

In alphabetical order, read on to find out how long it would take you to become a millionaire.

• Median income: $59,609
• Per capita personal consumption expenditures: $42,391
• Savings after expenditures are taken out: $17,218
• Savings after expenditures and investing: $18,165

• How long it would take to become a millionaire with just savings: 58 years, 0 months, 5 days
• How long it would take to become a millionaire with savings and investments: 55 years, 0 months, 5 days

• Median income: $86,370
• Per capita personal consumption expenditures: $59,179
• Savings after expenditures are taken out: $27,191
• Savings after expenditures and investing: $28,687

• How long it would take to become a millionaire with just savings: 36 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 34 years, 9 months, 5 days

• Median income: $72,581
• Per capita personal consumption expenditures: $50,123
• Savings after expenditures are taken out: $22,458
• Savings after expenditures and investing: $23,693

• How long it would take to become a millionaire with just savings: 44 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 42 years, 2 months, 5 days

• Median income: $56,335
• Per capita personal consumption expenditures: $42,245
• Savings after expenditures are taken out: $14,090
• Savings after expenditures and investing: $14,865

• How long it would take to become a millionaire with just savings: 70 years, 11 months, 5 days
• How long it would take to become a millionaire with savings and investments: 67 years, 2 months, 5 days

• Median income: $91,905
• Per capita personal consumption expenditures: $60,272
• Savings after expenditures are taken out: $31,633
• Savings after expenditures and investing: $33,373

• How long it would take to become a millionaire with just savings: 31 years, 7 months, 5 days
• How long it would take to become a millionaire with savings and investments: 29 years, 11 months, 5 days

• Median income: $87,598
• Per capita personal consumption expenditures: $59,371
• Savings after expenditures are taken out: $28,227
• Savings after expenditures and investing: $29,779

• How long it would take to become a millionaire with just savings: 35 years, 4 months, 5 days
• How long it would take to become a millionaire with savings and investments: 33 years, 6 months, 5 days

• Median income: $90,213
• Per capita personal consumption expenditures: $60,413
• Savings after expenditures are taken out: $29,800
• Savings after expenditures and investing: $31,439

• How long it would take to become a millionaire with just savings: 33 years, 6 months, 5 days
• How long it would take to become a millionaire with savings and investments: 31 years, 9 months, 5 days

• Median income: $79,325
• Per capita personal consumption expenditures: $54,532
• Savings after expenditures are taken out: $24,973
• Savings after expenditures and investing: $26,157

• How long it would take to become a millionaire with just savings: 40 years, 3 months, 5 days
• How long it would take to become a millionaire with savings and investments: 38 years, 2 months, 5 days

• Median income: $101,722
• Per capita personal consumption expenditures: $85,372
• Savings after expenditures are taken out: $16,350
• Savings after expenditures and investing: $17,249

• How long it would take to become a millionaire with just savings: 61 years, 1 month, 5 days
• How long it would take to become a millionaire with savings and investments: 57 years, 11 months, 5 days

• Median income: $67,917
• Per capita personal consumption expenditures: $55,516
• Savings after expenditures are taken out: $12,401
• Savings after expenditures and investing: $13,083

• How long it would take to become a millionaire with just savings: 80 years, 6 months, 5 days
• How long it would take to become a millionaire with savings and investments: 76 years, 4 months, 5 days

• Median income: $71,355
• Per capita personal consumption expenditures: $47,406
• Savings after expenditures are taken out: $23,949
• Savings after expenditures and investing: $25,266

• How long it would take to become a millionaire with just savings: 41 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 39 years, 6 months, 5 days

• Median income: $94,814
• Per capita personal consumption expenditures: $54,655
• Savings after expenditures are taken out: $40,159
• Savings after expenditures and investing: $42,368

• How long it would take to become a millionaire with just savings: 24 years,10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 23 years, 7 months, 5 days

• Median income: $70,214
• Per capita personal consumption expenditures: $43,508
• Savings after expenditures are taken out: $26,706
• Savings after expenditures and investing: $28,175

• How long it would take to become a millionaire with just savings: 37 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 35 years, 5 months, 5 days

• Median income: $78,433
• Per capita personal consumption expenditures: $54,341
• Savings after expenditures are taken out: $24,092
• Savings after expenditures and investing: $25,417

• How long it would take to become a millionaire with just savings: 41 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 39 years, 3 months, 5 days

• Median income: $67,173
• Per capita personal consumption expenditures: $46,579
• Savings after expenditures are taken out: $20,594
• Savings after expenditures and investing: $21,727

• How long it would take to become a millionaire with just savings: 48 years, 6 months, 5 days
• How long it would take to become a millionaire with savings and investments: 45 years, 11 months, 5 days

• Median income: $70,571
• Per capita personal consumption expenditures: $45,455
• Savings after expenditures are taken out: $25,116
• Savings after expenditures and investing: $26,497

• How long it would take to become a millionaire with just savings: 39 years, 9 months, 5 days
• How long it would take to become a millionaire with savings and investments: 37 years, 8 months, 5 days

• Median income: $69,747
• Per capita personal consumption expenditures: $46,069
• Savings after expenditures are taken out: $23,678
• Savings after expenditures and investing: $24,980

• How long it would take to become a millionaire with just savings: 42 years, 2 months, 5 days
• How long it would take to become a millionaire with savings and investments: 40 years, 0 months, 5 days

• Median income: $60,183
• Per capita personal consumption expenditures: $44,193
• Savings after expenditures are taken out: $15,990
• Savings after expenditures and investing: $16,869

• How long it would take to become a millionaire with just savings: 62 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 59 years, 2 months, 5 days

• Median income: $57,852
• Per capita personal consumption expenditures: $45,178
• Savings after expenditures are taken out: $12,674
• Savings after expenditures and investing: $13,371

• How long it would take to become a millionaire with just savings: 78 years, 10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 74 years, 8 months, 5 days

• Median income: $68,251
• Per capita personal consumption expenditures: $55,789
• Savings after expenditures are taken out: $12,462
• Savings after expenditures and investing: $13,147

• How long it would take to become a millionaire with just savings: 80 years, 2 months, 5 days
• How long it would take to become a millionaire with savings and investments: 76 years, 0 months, 5 days

• Median income: $98,461
• Per capita personal consumption expenditures: $52,651
• Savings after expenditures are taken out: $45,810
• Savings after expenditures and investing: $48,330

• How long it would take to become a millionaire with just savings: 21 years, 9 months, 5 days
• How long it would take to become a millionaire with savings and investments: 20 years, 8 months, 5 days

• Median income: $96,505
• Per capita personal consumption expenditures: $62,214
• Savings after expenditures are taken out: $34,291
• Savings after expenditures and investing: $36,177

• How long it would take to become a millionaire with just savings: 29 years, 1 month, 5 days
• How long it would take to become a millionaire with savings and investments: 27 years, 7 months, 5 days

• Median income: $68,505
• Per capita personal consumption expenditures: $49,482
• Savings after expenditures are taken out: $19,023
• Savings after expenditures and investing: $20,069

• How long it would take to become a millionaire with just savings: 52 years, 6 months, 5 days
• How long it would take to become a millionaire with savings and investments: 49 years, 9 months, 5 days

• Median income: $84,313
• Per capita personal consumption expenditures: $52,849
• Savings after expenditures are taken out: $31,464
• Savings after expenditures and investing: $33,195

• How long it would take to become a millionaire with just savings: 31 years, 9 months, 5 days
• How long it would take to become a millionaire with savings and investments: 30 years, 1 month, 5 days

• Median income: $52,985
• Per capita personal consumption expenditures: $39,678
• Savings after expenditures are taken out: $13,307
• Savings after expenditures and investing: $14,039

• How long it would take to become a millionaire with just savings: 75 years, 1 month, 5 days
• How long it would take to become a millionaire with savings and investments: 71 years, 2 months, 5 days

• Median income: $65,920
• Per capita personal consumption expenditures: $48,613
• Savings after expenditures are taken out: $17,307
• Savings after expenditures and investing: $18,259

• How long it would take to become a millionaire with just savings: 57 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 54 years, 8 months, 5 days

• Median income: $66,341
• Per capita personal consumption expenditures: $51,913
• Savings after expenditures are taken out: $14,428
• Savings after expenditures and investing: $15,222

• How long it would take to become a millionaire with just savings: 69 years, 3 months, 5 days
• How long it would take to become a millionaire with savings and investments: 65 years, 7 months, 5 days

• Median income: $71,722
• Per capita personal consumption expenditures: $49,522
• Savings after expenditures are taken out: $22,200
• Savings after expenditures and investing: $23,421

• How long it would take to become a millionaire with just savings: 45 years, 0 months, 5 days
• How long it would take to become a millionaire with savings and investments: 42 years, 7 months, 5 days

• Median income: $71,646
• Per capita personal consumption expenditures: $50,922
• Savings after expenditures are taken out: $20,724
• Savings after expenditures and investing: $21,864

• How long it would take to become a millionaire with just savings: 48 years, 2 months, 5 days
• How long it would take to become a millionaire with savings and investments: 45 years, 8 months, 5 days

• Median income: $90,845
• Per capita personal consumption expenditures: $60,828
• Savings after expenditures are taken out: $30,017
• Savings after expenditures and investing: $31,668

• How long it would take to become a millionaire with just savings: 33 years, 3 months, 5 days
• How long it would take to become a millionaire with savings and investments: 31 years, 6 months, 5 days

• Median income: $97,126
• Per capita personal consumption expenditures: $60,082
• Savings after expenditures are taken out: $37,044
• Savings after expenditures and investing: $39,081

• How long it would take to become a millionaire with just savings: 26 years, 11 months, 5 days
• How long it would take to become a millionaire with savings and investments: 25 years, 6 months, 5 days

• Median income: $58,722
• Per capita personal consumption expenditures: $43,336
• Savings after expenditures are taken out: $15,386
• Savings after expenditures and investing: $16,232

• How long it would take to become a millionaire with just savings: 64 years, 11 months, 5 days
• How long it would take to become a millionaire with savings and investments: 61 years, 6 months, 5 days

• Median income: $81,386
• Per capita personal consumption expenditures: $58,571
• Savings after expenditures are taken out: $22,815
• Savings after expenditures and investing: $24,070

• How long it would take to become a millionaire with just savings: 43 years, 9 months, 5 days
• How long it would take to become a millionaire with savings and investments: 41 years, 6 months, 5 days

• Median income: $66,186
• Per capita personal consumption expenditures: $47,834
• Savings after expenditures are taken out: $18,352
• Savings after expenditures and investing: $19,361

• How long it would take to become a millionaire with just savings: 54 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 51 years, 7 months, 5 days

• Median income: $73,959
• Per capita personal consumption expenditures: $52,631
• Savings after expenditures are taken out: $21,328
• Savings after expenditures and investing: $22,501

• How long it would take to become a millionaire with just savings: 46 years, 10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 44 years, 4 months, 5 days

• Median income: $66,990
• Per capita personal consumption expenditures: $47,768
• Savings after expenditures are taken out: $19,222
• Savings after expenditures and investing: $20,279

• How long it would take to become a millionaire with just savings: 51 years, 11 months, 5 days
• How long it would take to become a millionaire with savings and investments: 49 years, 3 months, 5 days

• Median income: $61,364
• Per capita personal consumption expenditures: $42,046
• Savings after expenditures are taken out: $19,318
• Savings after expenditures and investing: $20,380

• How long it would take to become a millionaire with just savings: 51 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 49 years, 0 months, 5 days

• Median income: $76,632
• Per capita personal consumption expenditures: $52,159
• Savings after expenditures are taken out: $24,473
• Savings after expenditures and investing: $25,819

• How long it would take to become a millionaire with just savings: 40 years, 9 months, 5 days
• How long it would take to become a millionaire with savings and investments: 38 years, 8 months, 5 days

• Median income: $73,170
• Per capita personal consumption expenditures: $53,703
• Savings after expenditures are taken out: $19,467
• Savings after expenditures and investing: $20,538

• How long it would take to become a millionaire with just savings: 51 years, 4 months, 5 days
• How long it would take to become a millionaire with savings and investments: 48 years, 7 months, 5 days

• Median income: $81,370
• Per capita personal consumption expenditures: $52,820
• Savings after expenditures are taken out: $28,550
• Savings after expenditures and investing: $30,120

• How long it would take to become a millionaire with just savings: 34 years, 11 months, 5 days
• How long it would take to become a millionaire with savings and investments: 33 years, 2 months, 5 days

• Median income: $63,623
• Per capita personal consumption expenditures: $46,220
• Savings after expenditures are taken out: $17,403
• Savings after expenditures and investing: $18,360

• How long it would take to become a millionaire with just savings: 57 years, 5 months, 5 days
• How long it would take to become a millionaire with savings and investments: 54 years, 5 months, 5 days

• Median income: $69,457
• Per capita personal consumption expenditures: $48,997
• Savings after expenditures are taken out: $20,460
• Savings after expenditures and investing: $21,585

• How long it would take to become a millionaire with just savings: 48 years, 10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 46 years, 3 months, 5 days

• Median income: $64,035
• Per capita personal consumption expenditures: $46,280
• Savings after expenditures are taken out: $17,755
• Savings after expenditures and investing: $18,732

• How long it would take to become a millionaire with just savings: 56 years, 3 months, 5 days
• How long it would take to become a millionaire with savings and investments: 53 years, 4 months, 5 days

• Median income: $73,035
• Per capita personal consumption expenditures: $49,082
• Savings after expenditures are taken out: $23,953
• Savings after expenditures and investing: $25,270

• How long it would take to become a millionaire with just savings: 41 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 39 years, 6 months, 5 days

• Median income: $86,833
• Per capita personal consumption expenditures: $48,189
• Savings after expenditures are taken out: $38,644
• Savings after expenditures and investing: $40,769

• How long it would take to become a millionaire with just savings: 25 years, 10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 24 years, 6 months, 5 days

• Median income: $74,014
• Per capita personal consumption expenditures: $55,743
• Savings after expenditures are taken out: $18,271
• Savings after expenditures and investing: $19,276

• How long it would take to become a millionaire with just savings: 54 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 51 years, 10 months, 5 days

• Median income: $87,249
• Per capita personal consumption expenditures: $52,057
• Savings after expenditures are taken out: $35,192
• Savings after expenditures and investing: $37,128

• How long it would take to become a millionaire with just savings: 28 years, 4 months, 5 days
• How long it would take to become a millionaire with savings and investments: 26 years, 10 months, 5 days

• Median income: $90,325
• Per capita personal consumption expenditures: $56,567
• Savings after expenditures are taken out: $33,758
• Savings after expenditures and investing: $35,615

• How long it would take to become a millionaire with just savings: 29 years, 7 months, 5 days
• How long it would take to become a millionaire with savings and investments: 28 years, 0 months, 5 days

• Median income: $55,217
• Per capita personal consumption expenditures: $44,460
• Savings after expenditures are taken out: $10,757
• Savings after expenditures and investing: $11,349

• How long it would take to become a millionaire with just savings: 92 years, 10 months, 5 days
• How long it would take to become a millionaire with savings and investments: 88 years, 0 months, 5 days

• Median income: $72,458
• Per capita personal consumption expenditures: $49,284
• Savings after expenditures are taken out: $23,174
• Savings after expenditures and investing: $24,449

• How long it would take to become a millionaire with just savings: 43 years, 1 month, 5 days
• How long it would take to become a millionaire with savings and investments: 40 years, 10 months, 5 days

• Median income: $72,495
• Per capita personal consumption expenditures: $52,403
• Savings after expenditures are taken out: $20,092
• Savings after expenditures and investing: $21,197

• How long it would take to become a millionaire with just savings: 49 years, 8 months, 5 days
• How long it would take to become a millionaire with savings and investments: 47 years, 1 month, 5 days

Gabrielle Olya contributed to the reporting for this article. 

Methodology: GOBankingRates calculated how long it takes to be a millionaire in every state by using median household income data from the 2022 American Community Survey as conducted by the Census Bureau and annual consumption data from the Bureau of Economic Analysis 2022 report. GOBankingRates found the difference between what a median household in every state earns and per capita consumption in every state and divided that figure by 1 million in order to find how many years, days and months it would take to reach $1 million in every state. All data was collected on and up to date as of February 20, 2024.

Median household income was used for this study because per capita income wouldn’t cover the per capita consumption in every state. In addition, to account for investing leftover income, we took the difference between annual income and consumption expenditure and assumed it was invested in a portfolio with the average investor’s long-term average of around 5.5 percent, according to Zacks Investment Research.