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80 Raid points gets you to raid level 2 (I think it has a name, but not sure what it is), which allows you to do 2 raids at the same time.
Levels on King Midas are earned by all time gold produced, and allow you to buy abilities like +10% bonus to a favourite building, +10% bonus when all raid loot are active, etc. - you get one point to spend per level you get in him.
It takes a while to get the first level up for Midas, but they come faster once you start progressing - in 12 days play I am now at level 17, but I think it took nearly a week before the first level up.
You are probably right, I seem to remember first noticing it when I was already around level 7/8, that might be because it was unlocked with a champion rather than me just overlooking it for all the earlier levels.
Based purely on All Time Gold. Each level unlocks at the same time for everyone. You will hit King Midas lvl 27 (and unlock Midaeum) once you are half way to Valeria for example.