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Home  » Business » How long it takes to become a millionaire? Find out

How long it takes to become a millionaire? Find out

Last updated on: February 14, 2013 10:22 IST

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Image: Models pose beside a Rolls Royce Ghost in Hong Kong.
Photographs: Bobby Yip/Reuters

Although the global economy is going through a slowdown, there are some countries where becoming a millionaire takes less time than other nations.

Let's take a look and find out how long it takes to become a millionaire.

Source: The Economist

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Image: Shoppers look over items on sale at a Macy's store in New York City.
Photographs: Keith Bedford/Reuters

The United States

At market exchange rate: 20 years

At purchasing-power parity: 20 years

Global rank: 1

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Image: Shoppers walk along Karl Johans Gate, the main shopping street in Oslo.
Photographs: Suzanne Plunkett/Reuters

Norway

At market exchange rate: 20 years

At purchasing-power parity: 30 years

Global rank: 2

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Norway
Image: Zurich's main shopping street Bahnhofstrasse.
Photographs: Arnd Wiegmann/Reuters

Switzerland

At market exchange rate: 22 years

At purchasing-power parity: 32 years

Global rank: 3

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Switzerland
Image: A shopping complex in Melbourne.
Photographs: Mick Tsikas/Reuters

Australia

At market exchange rate: 24 years

At purchasing-power parity: 34 years

Global rank: 4

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Australia
Image: Boats are anchored at the 17th century Nyhavn district, home to many shops and restaurants in Copenhagen.
Photographs: Bob Strong/Reuters

Denmark

At market exchange rate: 30 years

At purchasing-power parity: 40 years

Global rank: 5

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Image: A view of Toronto Eaton Centre, a shopping mall, in Toronto.
Photographs: Stringer/Reuters

Canada

At market exchange rate: 32 years

At purchasing-power parity: 38 years

Global rank: 6

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Canada
Image: A street in Tokyo's Harajuku shopping district.
Photographs: Yuriko Nakao/Reuters

Japan

At market exchange rate: 34 years

At purchasing-power parity: 46 years

Global rank: 7

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Japan
Image: Forum des Halles shopping mall complex in central Paris.
Photographs: John Schults/Reuters

France

At market exchange rate: 38 years

At purchasing-power parity: 48 years

Global rank: 8

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France
Image: A couple looks into a shop window of a jeweller in the city centre of Frankfurt.
Photographs: Lisi Niesner/Reuters

Germany

At market exchange rate: 40 years

At purchasing-power parity: 47 years

Global rank: 9

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Germany
Image: A view of Oxford Street in central London.
Photographs: Olivia Harris/Reuters

The United Kingdom

At market exchange rate: 47 years

At purchasing-power parity: 49 years

Global rank: 10

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United Kingdom
Image: A view of downtown Milan.
Photographs: Alessandro Garofalo/Reuters

Italy

At market exchange rate: 48 years

At purchasing-power parity: 51 years

Global rank: 11

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Italy
Image: A Zara store in central Madrid.
Photographs: Andrea Comas/Reuters

Spain

At market exchange rate: 55 years

At purchasing-power parity: 55 years

Global rank: 12

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Spain
Image: A cafe in Tel Aviv.
Photographs: Baz Ratner/Reuters

Israel

At market exchange rate: 55 years

At purchasing-power parity: 60 years

Global rank: 13

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Israel
Image: Apgujeong Rodeo Street in the Gangnam area of Seoul.
Photographs: Lee Jae-Won/Reuters

South Korea

At market exchange rate: 58 years

At purchasing-power parity: 48 years

Global rank: 14

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South Korea
Image: People walk outside the entrance of a shopping mall in Lisbon.
Photographs: Jose Manuel Ribeiro/Reuters

Portugal

At market exchange rate: 80 years

At purchasing-power parity: 70 years

Global rank: 15

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Portugal
Image: A view of Santiago City.
Photographs: Victor Ruiz Caballero/Reuters

Chile

At market exchange rate: 160 years

At purchasing-power parity: 130 years

Global rank: 16

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Chile
Image: Istanbul's financial district.
Photographs: Murad Sezer/Reuters

Turkey

At market exchange rate: 230 years

At purchasing-power parity: 148 years

Global rank: 17

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Turkey
Image: Women walk past shopping carts at a department store in Sofia.
Photographs: Stoyan Nenov/Reuters

Bulgaria

At market exchange rate: 260 years

At purchasing-power parity: 125 years

Global rank: 18

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Bulgaria
Image: Ice skaters on a rink in Mexico City's Zocalo square.
Photographs: Edgard Garrido/Reuters

Mexico

At market exchange rate: 310 years

At purchasing-power parity: 205 years

Global rank: 19

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Mexico
Image: A woman rides her bicycle past Romania's National Library in Bucharest.
Photographs: Bogdan Cristel/Reuters

Romania

At market exchange rate: 349 years

At purchasing-power parity: 190 years

Global rank: 20

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Romania
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