How long does it take to become a millionaire in Australia?

It depends almost entirely on how much you invest each month and the return you earn. Investing $1,500 a month from a $20,000 start at a 7.5% average return reaches $1 million in roughly 22 years. Doubling the monthly amount cuts years off; a higher return helps most over long timeframes. The earlier you start, the more compound growth does the work.

How much of $1 million comes from compound growth?

Over a long timeframe, most of it. In the example above you personally contribute around $400,000, and compound growth supplies the other ~$600,000. That's the power of staying invested — your returns start earning returns, which is why time in the market matters more than timing it.

Is $1 million enough to retire on in Australia?

It can be, but $1 million in 20-30 years won't buy what it does today because of inflation. ASFA estimates a comfortable retirement for a single homeowner needs a lump sum around $595,000 alongside the Age Pension. Treat $1 million as a milestone number rather than a guaranteed lifestyle, and check it in today's dollars.

How Long Until I'm a Millionaire?

See how many years until you hit $1 million (or any target) from your starting amount, monthly investment and expected return — and how much of it is compound growth doing the work.

Last verified: 5 May 2026

How long does it take to save $1 million?

It comes down to how much you invest each month and your return — not luck. The earlier you start, the more of the work compound growth does for you. Source: ASIC MoneySmart.

Worked example. $20,000 to start, $1,500/month at a 7.5% return reaches $1,000,000 in about 22 years. You contribute roughly $400k of it — the other ~$600k is growth. Bump the monthly figure and the timeline shortens fast.

General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

From the Mate Network

Boost Your Contributions →

See how a pay rise could lift how much you invest each month.

How Long Until I'm a Millionaire?

How long does it take to save $1 million?

Related reading

Related Tools

From the Mate Network