Londoners Need to Work for 40 Years to Become Millionaire

Our Life Plan has researched and revealed exactly how many years you need to work for to retire with £1million while still enjoying a meal out every week and treating yourself to a holiday once a year. The research reveals how many years you need to save your disposable income from hitting £1million in savings.

If you live in Bern, you need to work for just under 30 years to save £1million. People working in the Swiss capital enjoy an average wage of £49,764.3,6, meaning they can save £33,355.20 every year after paying for everyday expenses,s including clothes, a restaurant meal a week, and sports membership.

London comes in fifth place, with just over 40 years of work needed to save £1million. The average wage of individuals living in London is the fifth highest of all the countries researched, at £37,780.92, making it easier for Londoners to save their money post expenses.

These are the best 10 cities to live in to save £1million the quickest:

Position City Country Average retirement age Average life expectancy  Average retirement length  Average yearly cost of living  (£) Amount needed to retire  (£) Years needed to save to make  £1million
1 Bern Switzerland 65.7 83.8 18.1 16,409.16 297,005.80 29.98
2 Washington US 67.2 78.7 11.5 11,295.84 129,902.16 30.02
3 Sydney Australia 64.8 82.8 18 11,232.12 202,178.16 34.88
4 Luxembourg City Luxembourg 60.9 82.4 21.5 12,111.96 260,407.14 36.09
5 London UK 64.15 81.3 17.15 12,995.28 222,869.05 40.35
6 Oslo Norway 65.1 82.8 17.7 14,276.52 252,694.40 48.11
7 Toronto Canada 64.75 82 17.25 10,431.96 179,951.31 48.56
8 Copenhagen Denmark 63.8 81 17.2 13,875.24 238,654.13 52.88
9 Amsterdam Netherlands 63.85 81.9 18.05 12,181.68 219,879.32 54.3
10 Wellington New Zealand 68.1 81.8 13.7 10,409.76 142,613.71 54.72