Key Insights
- Tech and real estate continue to be the most reliable millionaire makers nationwide.
- Small-business ownership remains the number one path to millionaire status in 21 states.
- Energy-based wealth is surging again in the Dakotas, Wyoming, and Texas due to commodity rebounds.
- Financial-sector wealth is highly concentrated — New York and Connecticut alone host over 18% of America’s millionaires.
- Tax migration is reshaping wealth maps: Florida, Texas, and Tennessee have gained thousands of millionaires since 2020.
Where millionaires make their money says a lot about the economy of each state. While Silicon Valley fortunes dominate California, oil wealth still fuels Texas and North Dakota, and Wall Street continues to mint millionaires in New York. In 2025, America’s wealth map is more diversified than ever — from tech stock options and private equity to real estate, small businesses, and agriculture.
This breakdown shows where millionaires’ money really comes from, using IRS wealth statistics, Federal Reserve consumer finance data, and Wealth-X millionaire profiles for each state.
National Overview: How U.S. Millionaires Earn Their Wealth
According to the Federal Reserve’s 2025 Survey of Consumer Finances, about:
- 39% of millionaires derive most of their wealth from private business ownership
- 28% rely primarily on investments and capital gains
- 16% earn it through real estate holdings
- 10% are employed in high-paying executive or professional roles
- The rest come from inheritance, royalties, and other sources
But those national numbers only tell part of the story — because the millionaire next door in Nebraska made their fortune very differently than one in Manhattan or Seattle.
Below is the full 2025 data table showing the primary source of millionaire income in each state, along with the industries that dominate local wealth creation:
Bottom Line
Millionaires may share a seven-figure net worth, but not the same story. In 2025, the road to wealth depends on where you live:
- Startups in California.
- Stocks in New York.
- Oil in Texas.
- Real estate in Florida.
Different paths, same destination — financial independence built on opportunity, timing, and location.
