A MALAYSIAN employee earning the average wage will need to toil for 95 years and 7 months to earn their first US$1 mil (RM4.4 mil), thus ranking the country in the 49th spot worldwide of 102 countries to reach the first US$1 mil.
According to a recent study by a study by Picodi.com, this is in stark contrast with its southern neighbour Singapore which sits in the second global ranking with 16 years and 11 months behind Switzerland whose citizens will earn their first million the fastest – 14 years and 3 months.
Nevertheless, this is still 53 years faster than India (which sits on the 62nd ranking with 148 years and five months) but behind Chinese workers who will earn their first million 17 years faster (42nd ranking at 78 years and nine months). However, there is a 70-year gap between Malaysia and Australia (eighth ranking at 24 years and three months).
But this is still 175 years faster than ASEAN neighbours Philippines (89th ranking at 270 years), Indonesia which is a rung higher at 88th spot with 247 years and five months, and Vietnam with 183 years and four months.
At the bottom of the ranking, US$1 mil is worth over 500 years of work in Nigeria (519 years and one month), Uganda (523 years and three months), Egypt (603 years and six months) and Pakistan (621 years and three months).
With regard to methodology and sources, Picodi.com said the average monthly net wage data was soured from Numbeo where thousands of users worldwide monitor wages through monthly questionnaires (for Malaysia, the average monthly wage was deemed at RM3,904 as of April 2023).
“For currency conversion, we used the average exchange rate data from Google Finance for March 2023,” it added. – April 13, 2023
