UAE: Become a millionaire in less than 10 years; here’s how much you need to save per month

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A savings plan announced in the UAE recently will help subscribers become millionaires in as little as three years. Savings and investment firm National Bonds said the scheme lets residents hit the Dh1-million mark with monthly contributions made to the plan and expected profits offered by the company.

Called ‘My One Million’ plan, monthly profits are reinvested to maximise returns.

Subscribers can choose a tenor ranging between three and 10 years. Monthly installments depend on the duration of the plan — higher the term, lower the contributions. Subscribers can also choose to invest their savings in the scheme as an upfront payment, which will reduce the monthly contributions.

Assuming you are starting with zero upfront payment, these are the monthly contributions you would need to make to get to your first Dh1 million in three to 10 years.

3 years

Monthly amount: Dh26,540

Total contribution: Dh955,440

Expected profit: Dh44,560

4 years

Monthly amount: Dh19,610

Total contribution: Dh941,280

Expected profit: Dh58,720

5 years

Monthly amount: Dh15,460

Total contribution: Dh927,600

Expected profit: Dh72,400

6 years

Monthly amount: Dh12,690

Total contribution: Dh913,680

Expected profit: Dh86,320

7 years

Monthly amount: Dh19,610

Total contribution: Dh941,280

Expected profit: Dh58,720

8 years

Monthly amount: Dh9,230

Total contribution: Dh886,080

Expected profit: Dh113,920

9 years

Monthly amount: Dh8,080

Total contribution: Dh872,640

Expected profit: Dh127,360

10 years

Monthly amount: Dh7,160

Total contribution: Dh859,200

Expected profit: Dh140,800

(All calculations are based on an online calculator available on the National Bonds website)