Banff 
Picodi.com examined how many years of work it takes to earn $1 million (USD) in various countries based on average wages.
The study included 102 countries and ranked them according to the time needed to reach this financial milestone.
The study assumes the worker is saving the entire wages on their quest to become a millionaire.
According to the study, Swiss citizens reach their first million, the quickest, in just 14 years and 3 months.
Singapore comes in second, taking 16 years and 11 months, while Luxembourg is third, requiring 17 years and 4 months. The United States and Iceland round out the top five, taking 19 years and 10 months, and 20 years and 11 months, respectively.
Picodi.com says Canada ranks 12th, with workers needing 27 years and 10 months to make a million US dollars at the average wage.
The average after-tax Canadian wage per month, sourced from Numbeo.com, is $4,105 (US$2,995). This works out to an hourly after-tax wage of $25.66 (40 hours per week per 4 weeks a month).
The current minimum wage in Canada including tax ranges from $13 to $16.77. According to the last census, Canada’s annual median household after-tax income is $73,000.
This result places Canada ahead of countries like New Zealand, the United Kingdom, and South Korea. However, Australian workers can earn their first million 3 years faster, taking only 24 years and 3 months, while an 8-year gap separates Canada from the United States.
The study sourced average monthly net wage data from Numbeo, a platform where thousands of users worldwide track wages through monthly surveys. Currency conversions were based on average exchange rate data from Google Finance for March 2023.
