519 years and counting: How long Nigerians have to work to make $1 million
Nigeria has ranked 99th in a study conducted by Picodi.com, which calculated how long it takes for an average worker to make $1 million in 102 countries worldwide. The study found that an employee in Nigeria earning the average wage would need 519 years and 1 month to earn $1 million, making it one of the countries where it takes the longest time to achieve this feat.
The study revealed that Switzerland ranks at the top of the list, with an average employee earning their first $1 million in just 14 years and 3 months. Singapore comes in second, with employees taking 16 years and 11 months to make $1 million, followed by Luxembourg, where it takes 17 years and 4 months to reach this milestone. The United States and Iceland complete the top five, with employees taking 19 years and 10 months and 20 years and 11 months, respectively, to earn $1 million.
While Nigeria is ahead of countries such as Uganda, Egypt, and Pakistan, there is still a significant gap between Nigeria and countries like South Africa, where it takes 68 years and 3 months for an average worker to make $1 million. In fact, workers from Kenya will earn their first million 310 years faster than their Nigerian counterparts, with employees in Kenya taking 209 years and 7 months to make $1 million (ranked 81st on the list).
The study is a stark reminder of the economic disparities between countries, and how difficult it can be for workers in certain parts of the world to accumulate significant wealth. While Nigeria has made progress in recent years to reduce poverty and promote economic growth, there is still much work to be done to ensure that everyone has access to basic necessities and the opportunity to succeed.
It is important to note that the study is based on average wages and does not take into account the impact of inflation, taxes, or other factors that can affect earning power. Nevertheless, the findings highlight the need for greater economic opportunities and income equality across the globe.
In conclusion, the study by Picodi.com sheds light on the challenges Nigerian workers face in their pursuit of wealth. With a staggering 519 years and counting needed to make $1 million, it is clear that much work must be done to improve economic opportunities and promote greater income equality.
