Analysts at the website Picodi calculated how many years of work are required to make 1 million dollars in different countries while earning an average wage. According to their calculations, it would take you over 41 years to make $1M living in Kuwait. The fastest country to earn a million is Switzerland (14 years) while the slowest is Pakistan (621 years).
Switzerland 14 years
United States 20 years
Qatar 21 years
UAE 24 years
Oman 38 years
Kuwait 41 years
Saudi Arabia 42 years
India 148 years
Egypt 603 years
Pakistan 621 years
They got their average salary data for this analysis from the crowd-sourced database Numbeo. I downloaded the data to see what the average salary for Kuwait was and it turned out to be 622KD. So if you earn more than that, you’re on your way to hitting the $1M mark even quicker.
12 replies on “Time Needed to Earn $1M While Living in Kuwait”
I think there’s an issue with this data. I couldn’t find if the data is divided by nationality, but considering the majority of people who live in Kuwait are non Kuwaitis, and majority of those work in low income jobs, that’s definitely impacts the time period
It would be interesting to see how it would look like if the data was cut by Kuwaitis and non Kuwaitis
Just for fun I looked up Lebanon and they show average salary of 507$ so calculated 164 yrs until millionaire status. They obviously are using the old rate of 1$=1500Lira. So someone who used to earn 507$ (760,500 liras) now earns the same liras almost but the value is 7.6$ so it would take someone in lebanon nealy 11,000 years to become a millionaire. Crazy
how does it c onsider you to be a millionaire without considering the cost of living?
It just says to EARN a million dollars, not to SAVE a million dollars. If a person made $50,000 USD per year, thats the 20 years to EARN a million. But after taxes, mortgage, car payment, insurance, food, and other expenses, they may only SAVE $5000 a year – meaning it would take 200 years to SAVE a million dollars.
If you are two income household and both save 300kd each you will have that amount in your account
I know many people who had about 150k kd in savings when they retired out of kuwait recently
Mark,
how long it took for you to make your 1st mil ?
This is sloppy work really. They just took a million dollars and divided that with the average salary per month. Well, there are a few issues there: they aren’t considering inflation, and they aren’t considering taxation. I’m sure that if they included taxes into the equation, the Gulf countries would come on top. The other thing is, cost of living. It’s very high in the West. Had they considered all that then it would’ve been something realistic.
Oman average salary is higher than of Kuwait’s??
Hard to swallow.
With a nickname like yours, do you miss a drop ?
Hi mark , I am making a segment on my show on 99.7 Radio Kuwait and I want to call it mark from mark.
If you would let us talk first to see how you feel about this
My Instagram is NourNajdy
Kind regards.
I can’t tell if you’re trolling or not
LOL