Jeju, the poorest region in the country, has a GDP per capita level equivalent to 72% of the GDP per capita in Chungcheong, the richest region in Korea.
According to official estimates, about 15% of South Koreans live below the poverty line. Poverty in South Korea is defined as relative poverty. Relative poverty is not the same as absolute poverty: relative poverty measures the share of the population living on less than half of the median income.
The Guryong slum has long been seen as a symbol of the gap between rich and poor in South Korea, Asia's fourth-largest economy. It's part of the wealthy, glittering Gangnam district, made famous by Psy's 2012 song “Gangnam Style” and sometimes called the Beverly Hills of Seoul.
The military government initiated a strong drive for economic growth and population control in 1962, and its efforts were rewarded. Before its economy rose out of its traditional stagnation, Korea was one of the poorest countries in the world, with few natural resources and rapidly growing population pressures.
A major geoeconomic event occurred in 2018 when South Korea's real GDP per capita surpassed that of Japan. By 2026, the International Monetary Fund projects that South Korea will be 12 per cent ahead of Japan.
South Korea still ranks at the bottom of the OECD [Organization for Economic Cooperation and Development] in terms of productivity per hour." And while average pay in South Korea also outpaces Japan, where wages have stagnated over the last three decades, the country has struggled with income inequality.
The most expensive area in Seoul, South Korea as of May 2023 was Gangnam-gu with an average apartment selling price of around 2.1 billion South Korean won. The Gangnam area, which includes Gangnam-gu, Seocho-gu, Yongsan-gu, and Songpa-gu, is one of the richest neighborhoods in South Korea. What is Gangnam Style?
Seocho is considered a part of the Gangnam region, along with the Gangnam and Songpa districts of Seoul. Seocho District ranks as one of the richest neighborhoods in South Korea and among the most expensive areas in Seoul with an average sales price of 47.75 million South Korean won per 3.3 square meters.
Gangnam is known as a wealthy district, with many modern buildings and expensive shopping streets that are always the dream of women. Gangnam is located south of the Han River in Seoul, South Korea, and is connected to the northern area and central Seoul through a bridge.
Seoul, a city of around 10 million, has an estimated 2,600 people on the streets or in shelters — far fewer than in Los Angeles or other major U.S. cities. But with just 166,000 or so low-income, government-owned apartments, an additional 320,000 live out of sight in substandard forms of housing, including jjokbangs.
Korea's income quintile share ratio — that is, the income of the top 20% of the population divided by the income of the bottom 20% — also worsened from 5.85 in 2020 to 5.96 last year.
Poverty was highest among younger and older people in 2019-20, but COVID income supports did much to reduce it among children and young people. The average rate of poverty in 2019-20 was 17% among children, 14% among young people 15-24 years of age, 12% among people aged 25-64 years, and 14% among older people.
One of Seoul's last remaining slums, Guryong is home to some 1,000 households. It was formed in 1988 just as Seoul prepared to host the Olympics, as squatters evicted from other areas of the capital moved in. Many homes are made of wood and cardboard and the area is prone to fires, floods and other calamities.
The top 10 richest in South Korea are: Michael Kim; US$9.7 billion. Jay Y. Lee; $8 billion.
Rank 1 on the list with a net worth of 117 million USD is Kim Soo Hyun.
Hannam-dong in Yongsan district
With its prime location in the heart of Seoul and its scenic views of the famous Han River, many of South Korea's rich and famous often flock to this elite neighbourhood.
Yongsan-gu. By far the most popular area for expats to live, Yongsan-gu is located just North of the Han River in central Seoul. Expats flock to Yongsan-gu because of the amenities catering to the foreign population and the foreign community that resides in the area.
According to a survey conducted in South Korea in 2021, around 34.5 percent of millionaires surveyed stated that households with a minimum annual income of 500 million South Korean won or more can be perceived as rich.
No, Japanese, Chinese, and Korean are not the same language. They are all part of the Sino-Tibetan language family, but they are not mutually intelligible. Japanese and Korean are more similar to each other than Chinese, but all three languages have significant differences in grammar, vocabulary, and pronunciation.
Japan has a peaceful and calm ethnicity, healthy food, and subcultures! Korea has an expressive national character, a relatively high number of people who speak English fluently, sweet and spicy food, and relatively low prices. Rather than saying which is better or worse, try visiting and see if the atmosphere fits.