Leicester spent the campaign battling near the top of the Premier League while Wolves reached the Europa League quarter-finals.
Villa, who have big ambitions, struggled on their return to the top flight, only avoiding relegation on the final day.
McGinn believes the success of their neighbours should be a source of inspiration.
He said: “I’ll be brutally honest, it hurt to see Leicester and Wolves flying the flag so brilliantly for the Midlands.
“It makes me jealous to see them competing at such a high level, home and abroad. They are already where we want to be.
“They have worked hard and are there on merit. However they don’t have the same history as Aston Villa so it does make you envious — because we want to be competing in the Champions League.
“Seeing Wolves going so far in Europe shows us what’s possible and we must take inspiration from that — then do it our way. Hopefully, in a couple of years, Leicester and Wolves will be jealous of us.”
McGinn revealed Villa co-owner Wes Edens has promised further investment, with Nottingham Forest right-back Matty Cash this week expected to become the first signing of the transfer window.
“The owners made it clear that they want Villa back where we belong, challenging at the top end of English and European football,” said McGinn.