148 Years! That¡¯s How Much Time An Average Earning Employee In India Would Take To Earn $1 Million: Study
How many years would it take for you to earn 1 million dollars as an employee in India? 5 years, 10 years, or perhaps 25 years? Well, the answer, on average, is perhaps beyond one¡¯s life expectancy. It's been 148 years. But the answer is not the same for everyone, and it depends on which country you live in, says a study.
How many years would it take for you to earn $1 million (approximately ?8.21 crore) as an employee in India? 5 years, 10 years, or perhaps 25 years? Well, the answer is perhaps beyond one¡¯s life expectancy. It's 148 years, as per the average monthly wage taken into account by a recently released study.
But the answer is not the same for everyone, and it depends on which country you live in, says a study from Picodi, an e-commerce platform.
Time Taken To Earn $1 Million
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Using the average monthly net wage data from Numbeo, where thousands of users worldwide monitor wages through monthly questionnaires, analysts calculated how many years of work are required to make $1 million (and become a millionaire) in 102 countries while earning an average wage.
And Switzerland has won this race by topping the list. If you sum up all the money an average employee takes home, citizens of Switzerland will earn their first million the fastest¡ª14 years and three months, as per TOI report.
In this list, India ranked 62nd. An employee earning the average wage will need 148 years and five months to make $1 million. The average monthly wage of an employee in India taken for this study is Rs 46,188 ($562).
On the other hand, Chinese workers will earn their first million 71 years faster (42nd: 78 years and nine months), and there is an almost 120-year gap between India and the UK (17th: 29 years and 9 months).
Globally, Singapore comes in second after Switzerland, with employees taking 16 years and 11 months to get their first million dollars. Citizens of Luxembourg have to work five months more¡ª17 years and four months. The US and Iceland close out the top 5 with 19 years and 10 months and 20 years and 11 months, respectively.
A million dollars is worth 621 years and 3 months of work in Pakistan. over 500 years of work in Nigeria (519 years and one month), Uganda (523 years and three months), and Egypt (603 years and 6 months).
For currency conversion in the study, Picodi reportedly used the average exchange rate data from Google Finance for March 2023.
Countrywise List
Switzerland: 14 years and three months
Singapore: 16 years and 11 months)
Luxembourg: 17 years and four months
US-19 years and 10 months
Iceland: 20 years and 11 months
India: 148 years and five months
China: 78 years and 9 months
UK: 29 years and 9 months
Nigeria: 519 years and 1 month
Uganda: 523 years and 3 months
Egypt: 603 years and 6 months
Pakistan: 621 years and 3 months
5 Indian Cities With Most Millionaires
indiatimes
This week, the latest list of the world's wealthiest cities with the highest number of millionaires was released by London-based investment migration consultancy Henley & Partners.
As per the World¡¯s Wealthiest Cities Report 2023, New York City is the world¡¯s top city with the most millionaires in 2023. The top 10 wealthiest cities include New York City, USA; Tokyo, Japan; The Bay Area, USA; London, UK: Singapore; Los Angeles, USA: Hong Kong (SAR China); Beijing, China; Shanghai, China; and Sydney, Australia.
Besides these cities, the list also includes five Indian cities with the highest number of millionaires:
1. Mumbai: 59,400 millionaires
2. Delhi: 30,200 millionaires
3. Bengaluru: 12,600 millionaires
4. Kolkata: 12,100 millionaires
5. Hyderabad: 11,100 millionaires
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