A study conducted by Picodi researchers aimed to determine the number of years it takes for an individual to accumulate $1 million in various countries, based on average wage data. This article focuses on the results for Saudi Arabia and compares its standing with other countries.

Time Required to Accumulate $1 Million:

According to the study, it takes 42 years for an individual in Saudi Arabia to accumulate $1 million, based on the country's average wage. This places Saudi Arabia in the 7th position among the selected countries analyzed in the study. In comparison, the fastest country to reach this financial milestone is Switzerland, taking only 14 years, while Pakistan takes the longest at 621 years.

Saudi Arabia's Position:

In the context of the Gulf Cooperation Council (GCC) countries, Saudi Arabia ranks behind Qatar (21 years), the United Arab Emirates (24 years), Oman (38 years), and Kuwait (41 years). This indicates that there is potential for improvement in terms of average wages and earning potential for individuals in Saudi Arabia.

Data Source and Context:

The study utilized salary information sourced from Numbeo, a user-contributed database. It is important to note that the average wage figures used in the analysis may not represent the entire population of a country, as they are based on user-contributed data. However, the study still provides valuable insights into the earning potential across different countries.

Conclusion:

The time required to accumulate $1 million in Saudi Arabia, as determined by the Picodi study, highlights the economic context and earning potential in the country. Although Saudi Arabia ranks relatively well compared to other countries, there is still room for improvement in terms of average wages. Policymakers and individuals can use this study as a reference to better understand the economic landscape and make informed decisions for the future.

To access the full study, [click here].  link https://www.picodi.com/us/bargain-hunting/become-a-millionaire