Prudential has calculated that a man earning the average wage for his age throughout his career will have earned his first million before he is 51 years old.
Meanwhile, a woman earning the average for her age for all of her career will have to wait nearly 20 years longer, well beyond the State Pension age, to nearly six months after her seventieth birthday.
However, the amount of time women need to wait has fallen by nearly two years since the analysis was last carried out in 2012.
The average UK worker will have earned a total of £1 million by the time they are just over 56 and a half years old, according to analysis from Prudential.
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Other key stats from the research were that average lifetime earnings were liable to nearly £216,500 in tax and National Insurance and that a worker saving £100 a month over the course of a career earning the average income received pension tax relief of £12,000.
The analysis of average earnings for each age group, as measured by the ONS, demonstrated that achieving £1 million in total earnings is possible for someone who started work at the age of 18 and continues to receive an average income throughout their working life.
Since 2012, the average incomes for women overall have increased slightly and the average income for men in their 30s and 40s has seen a slight decrease.
The average person today will earn their first million two months earlier than they would have done in 2012, (56 years, seven months and three weeks in 2014 compared with 56 years, nine months and three weeks in 2012).
By the time the average worker has earned their first million they will have paid approximately £123,300 in tax and £93,200 in
Stan Russell, retirement expert at Prudential, said: "Being a millionaire is a dream for most of us, but the reality is that the average UK employee will easily earn £1 million in a lifetime of work.
"For many people, this cumulative view of lifetime earnings will help open their eyes to the amounts they could be saving for retirement.
"Pensions are an extremely tax efficient way of saving and the planned reforms announced in the Budget should make retirement saving more attractive."
Professional retirement advice is even more important as a result of this, he added.