Million-dollar question: Survey reveals what Americans would do if they got $1M
Money makes the world go round, but what would the average American do if they won one million bucks?
Ask different people across the States, and you might be surprised at the variety of answers. From the East Coast to the West Coast, and between Baby Boomers and Millennials, there are millions of ways to splash the cash.
That’s why mBit delved into the country’s spending habits by surveying over 2,500 Americans about the first things that they would do if they suddenly had $1 million in their pockets.
The survey captured the honest insights of Americans if they were to win a large sum of money, along with what they would spend the money on; whether they would spend, save or invest; whether they would keep their winnings a secret; and if they would use their new-found wealth to relocate.
The Splurge: What's the first thing that the average American would spend their $1M on?
The survey showed that most Americans would keep their spending close to home, by either buying a house or paying off their mortgage. However, the variety of first purchases ranged from starting a business to throwing a huge party and everything in between.
The first purchase that most Americans would make with their $1 million is a house. In fact, 30% of United States citizens would buy a new house before doing anything else. This was an even more popular answer with survey respondents from Hawai‘i (57%), Alabama (50%), and Maryland (42%).
Similarly, a further 30% of respondents said that they would pay off the mortgage on the home they already lived in. This was particularly popular with respondents from Delaware (75%) and Colorado (47%).
The next most popular splurges were a luxury holiday (8%) and a brand-new car (7%). Surprisingly, even fewer Americans (6%) would use their winnings to start a business. However, men were much more likely than women to make one of these options their first purchase.
Meanwhile, an even smaller percentage of Americans would use their first purchase to make a charitable donation. However, Louisiana emerged as the most generous state, with 22% of locals picking this option.
Further survey findings showed that 3% of Americans would waste no time using the money to throw a huge party. However, partying was a more popular option with Boomers than it was for Gen Xers or Millennials.
Spend, save or invest? What would the average American do with their $1M once the dust had settled?
Even after the thrill of making that first purchase, whatever it may have been, you’d probably find that you still had quite a large chunk of that $1 million leftover. The choices were to spend, save or invest that money.
It turns out that most Americans would prefer to invest. In fact, 57% of survey respondents said that they would invest their $1 million in crypto or stocks, whereas 34% would save it, and 9% would continue spending until it was all gone.
The survey results found that women are more likely to save their money, with 48% of female respondents choosing to save, compared to 24% of male respondents. Conversely, men would be more likely to invest their money, with a staggering 67% saying that they would invest some of their money into crypto or stocks.
Millennials are the most likely generation to invest their money. In fact, 60% of Millennials said that they would invest in crypto or stocks, compared to 51% of Gen Xers and 46% of Boomers.
The states where people were most likely to invest their money were Utah (88%), Delaware (80%), and Massachusetts (80%). Alternatively, the states where people were most likely to save their money were Louisiana (67%), Rhode Island (67%), and West Virginia (67%).
Surprisingly, there are some states where people would be most likely to spend their full $1 million, including North Dakota (50%), New Hampshire (33%), and New Mexico (33%).
One Million Secrets: Would the average American tell their friends and family if they won $1M?
The majority of Americans are more likely to keep their $1 million jackpot a secret, even from their family and friends. In fact, 52% of those surveyed said that they would not tell their family and friends about their winnings.
The full survey results showed that women are more secretive than men when it comes to money. Fifty-seven percent of women said that they would not tell their friends or family if they won $1 million, but 54% of men admitted that they would have no problem telling people about their winnings.
Boomers are the least likely to blab if they bagged $1 million. In fact, 58% of Boomers would keep their winnings completely secret from their friends and family. Whereas 48% of Millennials would tell others about their winnings.
Oklahoma also emerged as the most secretive state, with 75% of locals saying they wouldn’t tell a soul if they won $1 million. On the flipside, people from Utah (73%) were the most likely to tell their friends and family if they won.
Million-Dollar Move: Would the average American relocate if they won $1M?
The people truly do still believe in America, as the survey showed that even winning $1 million would not be enough to make most Americans leave the States behind. The survey results highlighted that 61% of U.S. citizens would either stay put or move to another U.S. state if they won $1 million.
However, there are still many Americans who would use their money to make a quick getaway. Thirty-nine percent of the people surveyed would choose to join the 5.5 million Americans who, the Association of Americans Resident Overseas estimates, are living abroad.
Europe is the most popular destination for those looking to leave the States, with 17.2% of people wanting to relocate there. Meanwhile, 7.3% of people would want to move to Australia or New Zealand, and 5.7% of Americans would choose to relocate to somewhere in Asia.
The survey also showed that millionaire men are more likely to stay in the U.S., but women would be more likely to move overseas. In fact, 40% of women surveyed said that they would move to another country if they had the money. Surprisingly, women who are parents would be even more likely to emigrate from the U.S., as 46% of female parents would move overseas with their $1m.
Survey methodology and demographics
To uncover spending habits across the U.S., mBit conducted a nationwide survey of 2,500 respondents in October 2025 in collaboration with OnePulse.
The survey captured the honest insights of Americans if they were to win a large sum of money, along with what they would spend the money on, whether they would spend, save or invest, whether they would keep their winnings a secret, and if they would use their new-found wealth to relocate.
The survey is nationally representative of age (21+), gender and state across the U.S., ensuring diverse geographic representation and a comprehensive understanding of spending habits across different generations.
To analyze the data, mBit grouped responses by age group, generation (Baby Boomer, Gen X, Millennial), gender and location at state level.
The survey respondents included 53% females and 47% males. The average age of the respondents was 37 years. Respondents were also grouped by parent status, with 59% stating that they had children.
This story was produced by mBit and reviewed and distributed by Stacker.
