London ranked 5th best city in the world to become a millionaire

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It may sound impossible to be a millionaire, 56 million millionaires In the world. And while some may come from family money, many made their own fortunes.

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The number is impressive for two reasons. First, more than 1% of the world’s people are millionaires today. The number of millionaires increased by 7.4% in 2020 alone during the pandemic.

Our life plan We looked at how long it takes to become a millionaire, depending on where you live. How long do I need to work to retire for £ 1m? And are some cities more likely to produce millionaires than others? Let’s look at the numbers.

Calculate what you need to be a millionaire

Our life plan has looked a lot to understand how long someone needs to work to earn a million. This includes living expenses in a particular city, average disposable income, and average retirement age in that area. They also gave people a little extra space – they were allowed to eat out once a week and go on holidays once a year, saving towards their £ 1m goal.

Although not a complete formula, the numbers show how many years someone has to save to retire for £ 1m.

Where you should live to be a millionaire

Face it – some cities will help you get richer than others. According to a survey, Bern, Switzerland, occupies the top position. The average wage in the Swiss capital is £ 49,764, and as long as you are a conscious saver, you can become a millionaire in less than 30 years.

Spot 2 goes to Washington, DC, USA. Here we need a savings of 30.02 years to earn £ 1m. The cities of Sydney and Luxembourg, Australia, also occupy the top spots.

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UK fares

London was fifth and it took more than 40 years to save £ 1m. The average wage in London is £ 37,780, the fifth highest of all the countries surveyed, making it easy for Londoners to save money.

In 2018 3.6 million households in the UK Net worth is at least £ 1 million. Net assets include investments, pension savings, personal belongings and assets.Since then, that number has continued to grow, and in current research There are more millionaires in London now From New York.

Not all cities produce many millionaires

People living in certain cities cannot become millionaires simply by saving a portion of their income after spending. A good example is the inhabitants of Riga, Latvia, where the average worker has to save for 1.481 years to reach £ 1 million. Second and third are Lisbon (846) and Budapest (708).

Even the cities at the bottom of the top 10 list aren’t that good. In Prague, it still takes 201 years to save enough money to become a millionaire.

In these cities, you can increase your chances by adding more sources of income, starting a business, or getting a second job.

Ian Wright, founder of Our Life Plan, said: “Low average salaries don’t mean that this needs to be the only source of income. Since the pandemic, the number of people who have set up their own” side hustle “and diversified their sources of income has increased. I will. “

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London ranked 5th best city in the world to become a millionaire

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