Romania probably isn’t the best place to be for anyone who wants to be a millionaire, provided they are paid local salaries. Earning an average Romanian wage, it would take nearly 350 years to reach USD 1 million, according to The Economist. The shortest time is in the USA, where an average income gets to the million dollar mark in around 20 years.
The Economist looked at 20 countries, including Romania, in the Americas, Europe and Asia using median household incomes before tax. The ranking gives two measures for the magic million – market exchange rates and purchasing power parity (PPP). Romania ranks lowest for PPP, behind Mexico in 19th place. However, using the market exchange rate, becoming a millionaire in Romania would be slightly quicker than in Mexico, around 190 years against just over 200 years in Mexico.
Bulgaria is also included in the ranking, and average earners there could expect to reach a million about 100 years sooner than in Romania.
Also up at the top of the table are Norway and Switzerland, while Australia and Denmark round out the top five. Canada, Japan, France, Germany and Britain fill the next five places and are all within the 50 years to earn a million boundary.
See The Economist’s How long to be a millionaire.
photo source: sxc.hu