How Hard is it to Become a Millionaire in Arkansas? What about Texas?
Have you ever daydreamed about becoming a millionaire? Of course, you have, who hasn't? But is it easier to become a millionaire in certain states than in others? A recent study says 'Yes some states are easier for you to become a Millionaire. So what are your chances in Arkansas? What about Texas, Oklahoma and Louisiana?
The report shows the easiest states to become a millionaire and I'll go ahead and tell you, Arkansas is not one of them.
The study was done by EmpireStakes.com and they looked at 5 different factors: Average Household Income, Each State's Tax Rates, Average Local Tax Rates, Cost of Living in each state and the big one the Millionaire Households Per Capita ” - Then each category was given scores up to 20. A perfect score would be 100 but of course, no state is perfect.
The Top 5 States
1. New Hampshire with a score of 80.7
2. Delaware score of 71.7
3. Alaska? Yep, with a 71.6 score
New Hampshire and Delaware have zero percent tax rates and the highest average household income. Delaware's average household income is a whopping $90.092.
Where are Arkansas, Texas Oklahoma and Louisana on the list?
Here is the rundown of the States Where You Have the Worst Chance of Becoming a Millionaire and you aren't going to like it.
Texas 18th Worst State to Become a Millionaire
Even though we thought there were tons of oil tycoons in Texas, the state of Texas comes in at number 18. With a score of 40.2
And it just gets worse from there...
Oklahoma 5th Worst State to Become a Millionaire
Oklahoma comes in as the 5th worst place to become a millionaire with a score of 30.7
Lousiana 3rd Worst State to Become a Millionaire
Our neighbors in Lousiana had a low score of 27.1
And the Absolute Worst State to Try to Become a Millionaire is...
That's right unfortunately Arkansas is the worst, the bottom of the barrel in chances to become a millionaire. with a score of 24.8. Why? Because even though the cost of living is low in Arkansas. It has high tax rates and unfortunately low average household income averaging at $66,557.
But that's okay and you know why? Because money is not everything and Arkansas is a beautiful state!