Many people have the ambitious aspiration of becoming millionaires. The time it takes to reach this point might vary greatly from one country to the next due to factors such as income inequality and economic conditions. Have you ever wondered how long it will take you to earn 1 million dollars as an average worker ? Based on national averages for income and expenses, this article estimates how long it would take to amass $1 million in a number of different countries. The nations are ranked by the quickest rate at which they amassed this amount.
How long will it take you to earn 1 million dollars as an average worker in these countries
Switzerland
According to the OECD, the average yearly income in Switzerland as of 2021 is $68,957, making it the country with the highest average wage globally. With its strong economy and low unemployment rate (as per Trading Economics), it takes the average Swiss worker 14 years and 3 months to earn $1 million. The prosperous industries of Switzerland, such as banking, pharmaceuticals, and technology, are responsible for the country’s high wages.
United States
According to the Bureau of Labor Statistics, the average yearly pay in the United States is $58,260. An American worker would need to work for 19 years and 10 months to earn $1 million. The United States’ robust economy is supported by numerous sectors, including those where skilled workers can command above-average wages.
Australia
According to Picodi.com, the average wage in Australia is about $3,446, and the economy is thriving. An Australian worker would need to put in roughly 24 years and 3 months of labour to accumulate $1 million. The high per capita income can be attributed in large part to the country’s thriving mining, agricultural, and tourism industries.
Canada
It takes a Canadian worker about 27 years and 10 months to make $1 million due to the country’s robust economy and high average Average wage of about $59,300, according to Dundas life. The country’s robust economy and relatively high standard of living are supported by sectors including natural resources, finance, and technology.
Germany
If you work in Germany and earn an average salary of around 43,722 Euros per year (Statista), it will take about 28 years to amass a million dollars. Due largely to its robust automotive, manufacturing, and engineering sectors, Germany has among the world’s highest average wages.
Ireland
The Central Statistics Office of Ireland reports that the average wages in Ireland increased to 900 EUR/Week (3963.448 USD/Month) in the forth quarter of 2022. It would take an Irish worker roughly 29.2 years to earn $1 million at this rate. The success of Irish businesses like IT, pharmaceuticals, and banking contributes to the country’s high median income. The low corporate tax rates and the availability of a trained labor population have made this a desirable location for many multinational firms, both of which have contributed to the country’s high per capita income.
United Kingdom
The Office of National Statistics estimates that a British worker’s Median annual pay for full-time employees was £33,000 for the tax year ending on 5 April 2022. Therefore, a British worker would need to put in around 29.9 years of hard work in order to amass $1 million. The banking, pharmaceutical, and tech sectors are among the most important in the United Kingdom.
South Korea
South Korea Monthly Earnings stood at 3,428 USD in Dec 2022, compared with the previous figure of 2,632 USD in Nov 2022. It takes a South Korean worker about 36.7 years to earn $1 million. The technology, automotive, and consumer electronics sectors fuel South Korea’s rapid economic growth and are largely responsible for the country’s comparatively high average salaries.
Nigeria
According to Picodi.com, the average wage income in Nigeria is around $161. Therefore, it would take a Nigerian worker an incredible 519 years to earn $1 million. Nigeria is the largest economy in Africa and relies heavily on its oil exports for income. However, poverty, corruption, and income inequality significantly reduce the country’s average wage. I’m a Nigerian who, although knowing the status of the economy, had no idea it would take so long to earn a million dollars.
The average salary, cost of living, and economic state of a country all have a role in determining how long it takes to make $1 million. The huge income and wealth gaps between countries are highlighted by this comparison. As economies develop further, it is crucial to work toward eliminating these inequalities. The rankings in this article are by no means exhaustive, but they do offer some useful insights into the global distribution of wealth by providing a snapshot of the diverse economic situations and average incomes in different countries.
