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The Economist: 170 Years to Become a Millionaire in Chile

The Economist: 170 Years to Become a Millionaire in Chile
February 13
13:01 2013

A graph produced by British magazine The Economist shows that it would take the average Chilean 170 years to earn a million dollars.

SANTIAGO – The graph, released by The Economist on Monday, compares how long it would take to become a millionaire in 20 countries. The figures are based on how much the average breadwinner in each household earns in a year, excluding taxes.

Two figures are given for each country: one at market exchange rates and one at purchasing-power parity. The list is headed by the United States, where it would take about 20 years to earn $1 million. Norway is in second place, with Switzerland and Australia third and fourth, respectively.

At 170 years, Chile is 16th in the list, ahead of Turkey (240 years), Bulgaria (255 years), Mexico (just over 300 years), and Romania (350 years). The figures are sourced from the OECD, the World Bank, the Bureau of Labor Statistics, and The Economist.

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The Economist doesn’t seem to have much faith in Chile’s millionaire-production industry.

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Anna Grummitt

Anna is an undergraduate journalism student from Sydney, Australia. She is majoring in Politics and Spanish, and writes about a variety of topics, from politics and health to culture and food. She loves writing, travelling, and meeting new people, and is looking to do all this, as well as improve her Spanish, during her stay in Chile.
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