NJ Among Best States To Become A Millionaire, New Ranking Says

NEW JERSEY — If you're hoping to one day become a millionaire, living in New Jersey could make it easier to accomplish that goal, according to a new ranking.

The ranking, published last week by online gaming website Casino.org, analyzed several factors including cost of living, average income and education rates to determine which states and U.S. cities give residents the best shot at becoming a millionaire.

The factors were then combined to create a weighted score for states and 20 U.S. cities, according to the ranking, with 100 being the best possible score.

Compared to other states, becoming a millionaire is easy in New Jersey, according to the ranking. The Garden State earned a spot in the top 5 with a score of 68.

California earned the top spot on the list of best states to become a millionaire with a score of 80. According to the ranking, 17.9% of California's population are already millionaires and the state has more venture capital than most of the United States combined.

New York State came in at No. 2 with a score of 72, while Massachusetts claimed the third spot with a score of 71.

The states where you're least likely to become a millionaire were Mississippi with a score of 2, followed by Arkansas and West Virginia.

As for the best U.S. cities to become a millionaire, it shouldn't be a surprise that three of the top four are in California. The No. 1 spot went to San Francisco followed by San Jose at No. 2 and Los Angeles at No. 4. Boston claimed the third spot.

U.S. cities where you're least likely to become a millionaire were El Paso with a score of 13 and Indianapolis with a score of 21.

See the full ranking online.