Women will take on average 20 years longer than men to earn £1m, according to research from Prudential.
Using figures from the Office for National Stastistics, Prudential calculated the average male will have earned £1m before tax at the age of 50 years and eight months. Women will need to wait till they are 69 years and seven months old to do the same.
Prudential says the gap is narrowing, with women having reduced by nine months the time it takes to earn £1m and three years ago they would have had to wait till they were 72.
Prudential says those working in finance will earn £1m fastest, at an average age of 41, and take the longest to get there if they work in the food services industries – where they would have to wait until they were 94. Teachers would have to wait till they got to 62 and health and social workers until they reached 63.
Prudential’s retirement expert Stan Russell said: “Earning £1m in a lifetime may seem improbable to most people when they start out on the career ladder, but with steadily increasing earnings and longer working lives it is a milestone that is becoming more achievable.”