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South Korea’s wealthiest earned 70x more than median income earners

Wealthy individuals in South Korea have earned almost 70 times more than the median income earners in 2021. Statistics from the National Tax Service showed that the per capita annual income of the richest 0.1%was KRW1.85bn (USD1.4m) in 2021, 69.5 times more than the KRW26.6m earned by those in the middle of the income bracket. On average, the annual income of the top 1% was tallied at KRW470m, 17.7 times that of median income earners, while the top 10% earned an average of KRW146.4m, 5.5 times more than median income earners. The data showed the fortunes of the richest increased by an average of KRW126.13m and KRW24.65m every year from 2018 to 2021.

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