diff --git a/qa/rpc-tests/wallet-dump.py b/qa/rpc-tests/wallet-dump.py
index 6028d2c20..7da3e2d9e 100755
--- a/qa/rpc-tests/wallet-dump.py
+++ b/qa/rpc-tests/wallet-dump.py
@@ -61,7 +61,11 @@ class WalletDumpTest(BitcoinTestFramework):
         self.extra_args = [["-keypool=90"]]
 
     def setup_network(self, split=False):
-        self.nodes = start_nodes(self.num_nodes, self.options.tmpdir, self.extra_args)
+        # Use 1 minute timeout because the initial getnewaddress RPC can take
+        # longer than the default 30 seconds due to an expensive
+        # CWallet::TopUpKeyPool call, and the encryptwallet RPC made later in
+        # the test often takes even longer.
+        self.nodes = start_nodes(self.num_nodes, self.options.tmpdir, self.extra_args, timewait=60)
 
     def run_test (self):
         tmpdir = self.options.tmpdir