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Today's Teens 'To Earn £1m' By 46th Birthday

(c) Sky News 2016

Many teenagers fantasise about making their first million - and according to new projections, that magic milestone could be sooner than some people think.

Analysis of earnings data from the Office for National Statistics suggests the typical 18-year-old who enters the world of work this year will earn a total of £1m by 2044, when they will be 46.

Although they will earn an average of £10,361 in 2016, forecasts suggest they could look forward to an annual salary of £51,679 by middle age.

But where you live could have an effect on how soon you achieve seven-figure lifetime earnings.

According to Prudential (HKSE: 2378.HK - news) , workers in London will have earned £1m by the time they are 39 - however, people in Wales are only predicted to reach this figure when they are 50.

A retirement income expert at the company, Vince Smith-Hughes, added: "With (Other OTC: WWTH - news) many people now working until later in life, someone earning the projected average salary over their career can expect to earn a total of over £2m in their lifetime."