Income Distribution in Seoul, South Korea

South Korea’s income distribution provides a glimpse into the country’s economic landscape. This blog posts examines not only the overall national trends but also focuses on the unique patterns observed in Seoul, South Korea’s capital and largest city. By exploring data from both single-person households and those with two or more people, we gain a comprehensive understanding of how income is distributed across different household structures.

Distribution of the household monthly income in South Korea as of 1st quarter of 2023, by income deciles)

• The range between lowest (1st decile) and highest (10th decile) is quite wide, with the highest earners making about 11 times more than the lowest earners.
• The median income would fall between the 5th and 6th deciles
• This suggests a median monthly income of around 5.55 million KRW (average of 5.14 and 5.97)
• There’s a noticeable jump between the 9th and 10th deciles (from 10.08 to 15.43 million KRW)
• This suggests a significant concentration of wealth in the top 10% of earners

Average Monthly Income Distribution Single-Person Households (Seoul, South Korea)

• There’s a significant shift in the distribution from 2021 to 2022, with a general movement towards the middle-lower income brackets.
• The data suggests a concentration of the population in the 2-4 Million KRW range, with a decrease in both the lowest and highest brackets.

Average Monthly Income Distribution – Households with 2 or more people (Seoul, South Korea)

• There’s a noticeable shift in the distribution from 2021 to 2022. The lower income brackets have decreased, while the middle-to-upper brackets have increased.

Conclusion