Even the average person in Britain could become a millionaire when the retire according to a report from right wing think-tank the Adam Smith Institute.
The report entitled 'The Millionaire Fund' says the average wage in Britain is currently £20,000 a year.
If 12 per cent of this income were invested in a pension, the Institute has calculated by assuming a growth rate of 2.25 per cent a year, in 43 years the investor could retire as a millionaire.
The report says: "On a pension scheme such as this, a person on the national average wage could be a millionaire before retirement. If they began at 20 they would be a millionaire by 63.