With house prices already exceeding £1 million in quite a few London neighbourhoods, being a millionaire isn’t what it used to be. New analysis shows that millionaire status is now likely for all average earners starting work at age 18. A UK worker can now expect to have earned £1 million by the time they reach the age of 56 years, six months and two weeks, so long as they earn the average income for their age bracket their whole life.
But due to the disparity between men and women, women won’t reach the milestone until 22 years later. The average woman will be aged 72 years, four months and three weeks when she can expect to reach the magic million.
Of course this million earned before tax over a working life of 32 years-plus means the average worker will also have paid £137,101 in income tax and £84,129 in national insurance, something you might want to remember before deciding not to complain to the council about their erratic rubbish collection.
If there are so many millionaires and the councils are all facing further cutbacks, where does all the money go? Best not to ask that one, you’ll only get upset. Ask Starbucks and Google. And you might want to contain your excitement before discussing your new status with your office cleaner.