(ABC4) – With home prices rising and inflation only getting worse, the idea that having $1 million makes you a millionaire is slowly becoming a thing of the past. In this current economy, owning just $1 million in assets is no longer sufficient to live a ‘millionaire’ lifestyle. A new study examined exactly how much money you need to earn in each state to achieve ‘millionaire’ status.
The study posed the question: “How much money do everyday Americans consider adequate to live a millionaire lifestyle?” Several thousand Americans responded, and when it came to Utah, the study shows you’ll need a few million to cross the threshold of being considered a millionaire.
It was uncovered that Utahns said they would need to own $5,147,059 worth of assets in order to achieve millionaire financial status in their own eyes.
Although this number may seem daunting, it is still lower than the national average of $5,474,032.
Californians said they would need to have the highest value of assets value of assets at $6,298,587 — considering the sky high cost of living in the Golden State.
Connecticut ranked as the state with the lowest value of assets that they considered to be ‘millionaire status’ — $4,452,381.
When participants were asked what industries would give them the best shot at becoming millionaires, 26% said in technology. IPOs of Silicon Valley startups over the years, including Google, Facebook and Tesla would certainly support this view.
About 18% said they’d be most likely to attain this status in the field of renewable energy, and 13% said real estate.
This interactive map shows you the findings of each state.