employees at the workplace

Londoners Need to Work for 40 Years to Become Millionaire

Lifestyle 14 July 2021 By

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