If you make the national average salary, you can easily monitor your prospects. A study by the Picodi portal has calculated how many years it will take the inhabitants of different world countries to earn 1 million euros. They based the calculations on the average salaries, available for workers.
Remarkably, Luxembourg holds the honorable third place. With a little gap ahead of him are Switzerland and Singapore.
To become a millionaire, (unless, of course, the person eats, buys clothes, and spends money on entertainment and medicine) the Swiss will need 15 years and 3 months. Singaporeans are a bit slow in getting richer: it will take them 18 years and 2 months.
Luxembourg is approximately identical to those countries in this respect. The resident of the Grand Duchy will see a seven-digit number in his account after 18 years and 6 months of receiving an average salary in the country. This is explained by data on minimum and average wages in the country: Luxembourg ranks at the top of the wage and salary level rankings in the EU.
Read more about finances in Luxembourg in our Guide articles:
That might seem like quite a long time, but it is usually a matter of comparison. For instance, an Egyptian would have to work for almost 647 years to earn a million euros. And a Pakistani would have to work even longer – almost 665 years.
But the comparison reveals difference not only for the poorest countries. The neighboring states are also decades behind Luxembourg: a resident of France will need 36.5 years, a Belgian 35 years, and a German citizen almost 31 years.
Since the 1980s, income and wealth inequalities have surged globally. This happened largely due to deregulation and liberalization of trade initiatives, which varied across different countries. However, this rise has not been uniform.
While some countries, such as the US, Russia, and India, have seen a dramatic increase in inequality, others, such as European countries and China, have experienced comparatively smaller increases, according to the data from the World Inequality Report of 2022. This is why in Sweden, for example, people are more or less equal in their earnings.
Inequality is not an unavoidable outcome, but a political decision most of the time, says the Report. There are two elements to global income and wealth inequality among individuals. The first pertains to the inequality between countries and regions, i.e. the variations in average income between different populations, such as the income difference between Indians and Germans. The second element pertains to the inequality within countries, which concerns the income disparities between individuals within a particular population, such as the income difference between the rich and poor in Luxembourg.