Women become millionaires 20 years after men

By on June 30, 2014

The average man earns R10 million by the time they are 51, while women have to work until they turn 70 to chalk up eight figures.

It is a truth universally acknowledged that women are paid less than men. Sometimes, though, that truth gets a little starker.

A man starting work at 18 and earning the average wage for his age throughout his career will have earned R10 million pre-tax before their 51st birthday, according to UK Office for National Statistics data crunched by pensions company Prudential. A woman, on the other hand, would have to work past retirement age to beyond 70 to chalk up eight figures.

The average worker would need to work until they are 56, showing the skew towards men in the workplace, as many women still take years, if not decades, out to have children.

A sliver of good news is that that age has fallen by two years for women since Prudential last looked at the data in 2012, as women’s average earnings have risen while the average income of men in their 30s and 40s has fallen.

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