Africa’s biggest economy has been ranked among the top five countries where it takes the longest period of time for an employee earning the average minimum wage (N30,000) to make their first million dollars, a new study has revealed.
The study conducted by Picodi.com, an international e-commerce platform revealed that in Nigeria — which ranked 99th out of 102 countries — a worker earning the average wage will need 519 years and one month to make a million dollars.
“With this result, Nigeria overtook countries such as Uganda (by four years), Egypt (by 84 years) and Pakistan (by 102 years),” it said.
It said on the other hand, workers from Kenya will earn their first million 310 years faster (81st – 209 years and seven months), and there is a 450-year gap between Nigeria and South Africa (38th – 68 years and three months).
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“A million dollars is worth over 500 years of work in Nigeria (519 years and 1 month), Uganda (523 years and three months), Egypt (603 years and 6 months) and Pakistan (621 years and three months).”
Analysts at picodi.com calculated how many years of work are required to make one million dollars in different countries while earning an average wage.
They said the average monthly net wage data comes from Numbeo, where thousands of users worldwide monitor wages through monthly questionnaires.
“For currency conversion, we used the average exchange rate data from Google Finance for March 2023,” the report said.
The survey highlighted that citizens of Switzerland will earn their first million the fastest – 14 years and three months, followed by Singapore with 16 years and 11 months and Luxembourg have to work five months more – 17 years and four months.
“The USA and Iceland close out the top five with 19 years and 10 months and 20 years and 11 months respectively,” it added.
