Seoul’s Richest Households Earn Nearly Five Times More Than Poorest

Seoul’s richest households earn almost five times more than the poorest, according to a Seoul Institute study highlighting widening inequality. The top 20% recorded an average annual income of KRW124.8m (USD89,810), compared with KRW27m for the bottom 20%, based on a 2024 survey of 3,004 households. The median household income was KRW58m, with poverty defined as under KRW29m. Medical expenses were disproportionately higher among poorer households, with 37% citing them as a heavy burden, compared with 16.7% of others. Housing costs also weighed heavily, with homes priced at 11.4 times average income and renters spending 37.7% of income on rent. Youth joblessness reached 4.6%, with respondents neither working nor studying.