The latest report issued by Picodi.com and Numbeo reveals that an ordinary United Arab Emirates (UAE) citizen, earning an average monthly wage, makes $1 million in about 23 years and nine months. This makes UAE nationals one of the fastest ones to reach the $1 million mark globally.
The data on the average monthly net wage was derived from Google Finance in March 2023 while the data on the currency exchange rate was based on Numbeo’s estimates from April 2022.
Picodi.com analysts have reported that the average monthly net salary in UAE is AED 12,920 ($3,518). This means that it would take a regular employee approximately 23 years and nine months to earn a sum of $1 million.
It is worth mentioning here that the number may vary depending on the inflation and instability of the exchange rate.
After studying the pay structure of 102 countries, analysts found that Switzerland has the shortest time to earn $1 million, with an average of 14 years and three months. Singapore follows closely behind, with an ordinary citizen reaching this milestone in 16 years and 11 months.
Compared to US citizens who need 19 years and 10 months on average to earn $1 million, Chinese nationals take significantly longer to achieve the same goal, taking them 78 years and nine months, highlighting the vast gap between China and the US.
Qatar ranks higher than UAE in the time it takes to reach the $1 million milestone, according to Picodi.com. The average pay in Qatar is QR 14,319 per month, and it takes about 21 years and three months to earn this amount.
Here’s the list of the top ten countries whose citizens require the least amount of time to earn $1 million:
Below is the list of the bottom ten countries whose citizens require centuries to earn $1 million:
