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Top 0.1 pct of wealthy S. Koreans made 70 times more than median income earners in 2021

By Yonhap

Published : Feb. 25, 2023 - 12:13

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The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday.

Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018.

The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times more than the 26.6 million won earned by those in the middle of the income bracket.

SEOUL, Feb. 25 (Yonhap) -- The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday.

Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018.

The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times more than the 26.6 million won earned by those in the middle of the income bracket.

The ratio continued to increase, rising from 61 times in 2018 to 60.4 times in 2019 and 64.7 times in 2020.

On average, the annual income of the top 1 percent was tallied at 470 million won, 17.7 times that of median income earners, while the top 10 percent earned an average of 146.4 million won, 5.5 times more than median income earners.

The data showed the fortunes of the richest increased between 2018 and 2021. Over the period, the annual per capita income of the top 0.1 percent and top 1 percent grew by an average of 126.13 million won and 24.65 million won, respectively, every year.

The share of the total income held by the wealthiest also grew over the period.

In 2021, the richest 0.1 percent accounted for 4.8 percent of the total income, up from 4.2 percent in 2018.

Over the same period, the share of the top 1 percent and top 10 percent increased from 11.2 percent to 12.1 percent and 36.8 percent to 37.8 percent, respectively. (Yonhap)