From OMG Facts:

The top 75 websites have a median 2,514 words in their privacy policy. At a standard reading rate of academic literature of 250 words / minute, each would take 10 minutes to read. They estimate that an average user visits somewhere around 1,450 websites.

This means that if it were your job to read privacy policies for 8 hours a day, it would take you 76 8-hour workdays to read every privacy policy.

And don't get me started on the even-more-ridiculous Terms and Conditions.