Rabat – Moroccan citizens need to work 215 years and 6 months to earn their first million dollars, says a new study from international e-commerce company Picodi.
Titled “How much time do you need to become a millionaire?” the study calculated how many years of work are required to make 1 million dollars in 102 countries while earning an average wage.
The study estimates that Morocco’s average monthly net wage is MAD 3,997 ($396).
Switzerland’s citizens topped the list, earning a million dollars in just 14 years and 3 months, followed by Singapore in 16 years and 11 months.
Some countries in the MENA region are ranked among the study’s top 10, including Qatar and the United Arab Emirates, where earning a million dollars takes 21 and 23 years respectively.
Meanwhile, a million dollars is worth over 621 years of work in Pakistan, and
over 603 years in Egypt.
According to the 2023 Africa Wealth Report, Morocco is home to 5,800 millionaires, 28 centi-millionaires, and four billionaires.
The North African country ranked fifth among the top 10 wealthiest countries in Africa, entering the ‘Big five’ wealth markets on the continent, which include South Africa, Egypt, Nigeria, and Kenya.
The Africa Wealth Report’s insights predict a 42% rise in Africa’s millionaire population over the next 10 years, as well as a strong high-net-worth individual growth of more than 60% in Morocco.
Read Also: Wealth Report: Morocco Among ‘Big 5’ Wealth Markets in Africa
