A team of analysts from Picodi has calculated how many years of work are required to make 1 million dollars in 102 countries worldwide while earning an average wage.
The research work showed that Nigeria ranked 99th out of the 102 countries researched worldwide.
According to the study, an average Nigerian workers need 519 years and 1 month to earn $1 million, better only than only Uganda, Egypt and Pakistan.
Nigeria, in the analysis, is four years faster than Uganda at 100th, but 310 years slower than Kenya at 81st.
Citizens of Switzerland, the fastest, will earn their million Dollars in 14 years and 3 months, Singapore — 16 years and 11 months, and Luxembourg — 17 years and 4 months respectively.
The research states: “102 countries were included in our ranking.
“If we sum up all the money an average employee takes home, citizens of Switzerland will earn their first million the fastest – 14 years and 3 months.
“The second place belongs to Singapore with 16 years and 11 months. Citizens of Luxembourg have to work 5 months more – 17 years and 4 months.
“The USA and Iceland close out the top 5 with 19 years and 10 months and 20 years and 11 months respectively.
“In this ranking, Nigeria ranked 99th – an employee earning the average wage will need 519 years and 1 month to make a million dollars.
“With this result, Nigeria overtook countries such as Uganda (by 4 years), Egypt (by 84 years) and Pakistan (by 102 years).
“On the other hand, workers from Kenya will earn their first million 310 years faster (81st – 209 years and 7 months), and there is a 450-year gap between Nigeria and South Africa (38th – 68 years and 3 months).
“A million dollars is worth over 500 years of work in Nigeria (519 years and 1 month), Uganda (523 years and 3 months), Egypt (603 years and 6 months) and Pakistan (621 years and 3 months).”
Methodology and sources
Acccording to the Picodi methodology and sources, the average monthly net wage data comes from Numbeo, where thousands of users worldwide monitor wages through monthly questionnaires.
For currency conversion, Picodi used the average exchange rate data from Google Finance for March 2023.
All data used in the study can be found in a chart below:
