How much time do you need to become a millionaire?
Analysts at Picodi.com published their findings on how many years of work are required to make a whopping 1 million dollars in every country in the world, based on that country’s average wage.
Photo by Brett Andrei Martin on Unsplash
A total of 102 countries were included in Picodi.com’s ranking where citizens of Switzerland, Singapore, Luxembourg, USA, and Iceland took the top five spots in terms of the speed in which an average employee would earn their first million.
Citizens of Switzerland will earn their first million the fastest at 14 years and 3 months. Singapore takes second place with 16 years and 11 months. Luxembourg takes third at 17 years and 4 months while the USA and Iceland close out the top 5 with 19 years and 10 months and 20 years and 11 months respectively.
In this ranking, the Philippines takes 89th place, with the average employee earning the average wage needing 270 years to make their first million dollars. That’s 23 years faster than Cambodia but 175 years slower than Malaysia.
Meanwhile, a million dollars is worth over 500 years of work in Nigeria (519 years and 1 month), Uganda (523 years and 3 months), Egypt (603 years and 6 months), and Pakistan (621 years and 3 months).
Picodi.com based its study on the average monthly net wage data from Numbeo and used the average exchange rate data from Google Finance for March 2023 for its currency conversion.
Check out the full report here.
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