Saving money & accumulating wealth is certainly no easy feat nowadays, let alone becoming a millionaire. In fact, a recent study shows that it would take a minimum of a couple of decades of consistent work to attain millionaire status – and that’s the best-case scenario. In some countries, it would take multiple lifetimes to earn $1M, according to Picodi.com.
The study uses average monthly net wage data (as of April 2022) from Numbeo to rank 102 countries based on how long it would take to accumulate $1M.
In a nutshell? Summing up all the money an average employee takes home, citizens of Switzerland will earn their first million the fastest at 14 years and 3 months.
As for Canada, it will take workers earning an average wage of $4,105 per month 27 years and 10 months to earn $1M – coming in the 12th spot.
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With this result, Canada tops New Zealand by six months, the UK by two years, and South Korea by nine years. However, American workers will earn their first million eight years sooner, and those in Australia will do so three years faster than Canadian workers.
On the other hand, a million dollars would require a whopping 519 years and one month of work in Nigeria, and 621 years and three months in Pakistan. So if we’re playing the comparison game – just under 30 years isn’t bad at all!
While it won’t take multiple hypothetical lifetimes to earn one million in Canada, it’s clear that amassing this kind of wealth is only realistic in a handful of countries to begin with. So with that said, we might just try our hand at playing the lottery one of these days!
