Seoul's top 20 percent of households have an average income of 124.8 million won ($89,810), nearly five times that of households in the bottom 20 percent, a study by a government think tank showed Thursday.
According to the Seoul Institute's survey of 3,004 households living in Seoul, conducted from Sept. 2 to Oct. 31 in 2024, their average annual income stood at 64.23 million won, while the median figure was 58 million won.
Those in the bottom 20 percent made 27 million won, meaning the top 20 percent made about 4.62 times more.
The research also divided the subjects into those in poverty and those who were not, defining the former as those whose household income is less than 29 million won, which is half the median income.
On average, the impoverished group spent about 1.14 million won per month for living expenses, compared with the 2.86 million won spent by those who were not in poverty.
But medical expenses were higher for the impoverished group, which spent 42,000 won per month compared to the 35,000 won spent by the rest. Some 37 percent of households in poverty said medical fees were a substantial burden, compared to 16.7 percent for the other group.
The survey also showed that 7.3 percent of all respondents had experience of being unable to pay for hospital fees, rent, or utility fees such as heat in winter.
Overall, Seoul citizens had an average of 600 million won in assets, with 45 million won in debt. But this was not evenly shared: Only about 38.9 percent of respondents had debts, with an average balance of 115.6 million won.
The report indicated that housing imposed a significant financial burden on the citizens. The price to income ratio for homes was 11.4, meaning it takes 11.4 years' worth of income for an average household to buy a home in the city.
The rent-to-income ratio was 37.7 percent, meaning people living in rented homes paid that percentage of their annual income on rent.
It was found that 4.6 percent of the youth population between 15 and 29 were not working, receiving education or training in the surveyed period. It was higher than the 3.6 percent found in the 2022 survey.
A Statistics Korea report announced Wednesday showed that 328,000 people in their 30s did not work or look for work in August, the highest ever figure for the month.
minsikyoon@heraldcorp.com
