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 |