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How long will it take before women earn as much as men?

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Progress on pay equality between the sexes is stalling despite educational advances by women around the world, according to the World Economic Forum (WEF).

It will now take another 118 years to achieve equality of pay between the sexes, as the gender gap in pay has narrowed by just 3 percent since 2006, according to WEF's influential Global Gender Gap Report, released on Wednesday night.

In the U.S., the wage gap is actually widening, which has led to it falling from 20th place in 2014's report to 28th this year. The report assesses countries on a range of metrics including pay, education, access to health care and political empowerment.

While women seem to be narrowing the gap when it comes to education, with a gap in education of 95 percent around the world, this has not translated into attainment in the workplace, with what WEF called a "marked lack of correlation" between the two. Women may make up the majority of enrolled university students in 97 countries, but the majority of leaders in only four.

Iceland tops gender equality list: WEF report

The Nordic countries, with their famously progressive maternity leave policies, have been most successful at closing the gap. Iceland, Finland, Norway and Sweden (in that order) are the four countries where there is greatest equality between men and women.

There are also six countries where women's prospects have got worse since 2006: Jordan; Iran; Sri Lanka; Mali; Croatia and the Slovak Republic.

- By CNBC's Catherine Boyle.