South Korea’s Top 0.1% Average Annual Salary

The average annual salary of the top 0.1% in South Korea is estimated to be 987.98 million won.

Seoul earned about three times as much as Gangwon.

According to the ‘Status of Earning Reports by City and Province’ data submitted to the National Assembly Strategy and Finance Committee member Yang Kyung-sook of the Democratic Party of Korea from the National Tax Service on the 28th, the national average income by city and province in 2022 is 42.14 million won.

By region, 4 cities and provinces – △Ulsan (47.36 million won) △Seoul (46.83 million won) △Sejong (44.92 million won) △Gyeonggi (42.81 million won) – exceeded the average, while the rest were below average.

The average annual salary of the top 0.1% of workers nationwide was 987.98 million won. Seoul (1.3881 billion won) and Jeju (1.0060 billion won) exceeded the average, while the rest recorded below average.

The bottom 0.1% income in Gangwon region was 462.68 million won, showing a gap of about three times with Seoul.

The area with the most significant income disparity was undoubtedly Seoul.

The annual salary of the top 20% of wage earners was an average of 119.95 million won, while the bottom 20% was 6.67 million won. That’s a difference of about 18 times.

On the other hand, in Sejong City, the income gap between the top 20% and the bottom 20% was the lowest in the country at 9.6 times.

The national average income gap between the top 20% and the bottom 20% was recorded at 15.1 times.

By. Sharon Lee