How much time and effort does it take to become a millionaire in different parts of the world?

Analysts at Picodi.com conducted a study to determine how many years the average resident in different countries of the world needs to save to earn $1,000,000. The information used to estimate the income level comes from the Numbeo website. As a reminder, this is a global database of prices and cost of living in different countries. It also contains data on the average salary level calculated after deducting all taxes and mandatory contributions. The analytics used the average exchange rate for March 2023 to convert national currencies into the US dollar. The data was taken from Google Finance. The ranking was compiled based on an analysis of the income of citizens of 102 countries.

How many years does it take to save your entire salary to save $1,000,000 in different countries?

We need to remember that all the calculations were based on the idea of saving the entire salary. Analysts did not take into account any expenses: spending for food, utilities, etc.

Switzerland leads the rating. Citizens of this country can become millionaires if they save their entire salary for 14 years and 3 months. Singapore has the silver rating with a result of 16 years and 11 months, and Luxembourg has the bronze rating with 17 years and 4 months. The United States, the land of opportunity, is in 4th place – 19 years and 10 months, and the top five is completed by Iceland – 20 years and 11 months.

In addition to the countries mentioned above, the top 10 include:

• Qatar – 21 years and 3 months;
• The UAE – 23 years and 9 months;
• Australia – 24 years and 3 months;
• Denmark – 24 years and 6 months;
• The Netherlands – 24 years and 9 months.

Overall, the top ten includes five countries from Europe, three from Asia, one from North America, and one from the Southern Hemisphere – Australia.

Among the countries in South America, citizens of Uruguay will be the fastest to become millionaires. But to do that, you should work and save your wages for 90 years and 2 months. Interestingly, this country on the African continent occupies a place eight positions higher. According to Picodi’s calculations, South Africans should save for 68 years and 3 months to obtain $1,000,000.

Of the 102 states, in twenty-seven countries, you need to save from 100 to 200 years to accumulate a million, and in twenty-six – more than 200 years. The anti-leaders of the rating were:

• Pakistan – 621 years and 3 months;
• Egypt – 603 years and 6 months;
• Uganda – 523 years and 3 months.

In Russia, if you decide to become a millionaire by saving your entire salary, you will have to do that for 136 years and 10 months. In Serbia, it will take 142 years and 4 months, and in the Czech Republic – 53 years and 9 months.

This information will help you compare the quality of life in different countries of the world and decide which place is the best to move to. The ranking is based on official income data converted into a single currency. However, we must not forget that in some countries, there are also unofficial incomes that were not taken into account in the calculations of this rating.

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