How long would it take you to work as an employee in India and make $1 million (about Rs. 8.21 crore)? 5 years, 10 years, 25 years, maybe? The answer, however, may be longer than one’s life expectancy. According to a newly published study, 148 years, taking into consideration the average monthly pay.
However, the response differs for each person and is dependent on the nation you reside in, according to a survey by the e-commerce site Picodi.
Average time to earn $1 Million
Analysts determined how many years of labor are needed to make $1 million (and become a millionaire) in 102 countries while earning an average pay using the average monthly net wage data from Numbeo, where thousands of individuals globally track earnings through monthly surveys.
And by topping the list, Switzerland has won this contest. According to TOI (Times Of India) research, Swiss nationals would reach their first million dollars the fastest—in 14 years and three months—if you add up all the money an average person receives as pay.
India was placed 62nd on this list. To reach $1 million, an individual making the average salary would need to work 148 years and 5 months. For this study, an employee’s average monthly salary in India was determined to be Rs 46,188 ($562).
Chinese employees, on the other hand, will reach the million-dollar mark 71 years sooner (42nd: 78 years and nine months), while there is an almost 120-year difference between India and the UK (17th: 29 years and 9 months).
Employees in Singapore must wait 16 years and 11 months before they get their first million dollars, placing them second globally after Switzerland. Luxembourg nationals must labor for an additional five months, or 17 years and four months. With 19 years and 10 months and 20 years and 11 months, respectively, the US and Iceland round out the top 5.
In Pakistan, a million dollars is equivalent to 621 years and 3 months of labour. Almost 500 years of employment, including 519 years and 1 month in Nigeria, 523 years and 3 months in Uganda, and 603 years and 6 months in Egypt.
According to reports, Picodi used Google Finance’s March 2023 average exchange rate data for the study of currency conversion.