Request full-text PDF. Data are in United States dollars at current prices and current purchasing power parity for private consumption for the reference year. While Workers with High School education earn the least, with an average gross income of KRW 39,000,051. Korea has a high level of poverty in comparison with other high-income countries. This is 89.55% lower of what Doctorate Degree degree holders earn. According to a 2016 Credit Suisse report, Japan has a more equal wealth distribution than any other major country, as reflected in a Gini coefficient of 63%. Population Projections 51,821,669(persons) Population in old ages 16.5(%) Total Fertility Rate 0.918(persons) Death Rate 574.8(per 100,000 people) ... Income, Consumption and Wealth. South Korea, at 12.2%, is closer to western European levels. By the early 1990s, South Korea’s middle class had expanded vigorously, with as much as 70 per cent of the population identifying themselves as belonging to the middle class. Factbook > Countries > South Korea > Economy. Disposable Personal Income in South Korea is expected to reach 1950909.00 KRW Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. Republic of Korea GINI index was 30.7 % in 2018, up by 0.00% from the previous year. The elderly living in poverty in South Korea earn 50% or less of the median household income, which amounts to U.S. $9,890 per year, according to the IB Times. Meanwhile, the average monthly income of the top 20 percent of families rose by about 9 percent to $8,620 (9.7 million won). South Korea’s high growth in the 1980s was accompanied by rather equitable income distribution but has since been unable to return to the equitable distribution levels last seen in the early 1990s. According to both the OECD income distribution database and the Korean source from 2006, the share of the Korean population living with less than 50% of the median equivalised income (9 994 000 Won per year in 2011) has increased slightly from 14.3% in 2006 to 15.3% in 2009, then it slightly declined to 14.9% in 2010 and back to 15.2% in 2011. Poverty emerged as a serious problem in Korea in the aftermath of the 1997-1998 financial crisis and has remained at an elevated level over the past decade. Consumer Spending in South Korea decreased to 212925.80 KRW Billion in the third quarter of 2020 from 213186.30 KRW Billion in the second quarter of 2020. SALARY BY EXPERIENCE SOUTH KOREA South Korea ranked #6 for exports globally in 2012. Definition: This index measures the degree of inequality in the distribution of family income in a country. The land has a total area of 100,339 km² and a total coastline of 2,413 km. 16 December 2020: New data are available for Austria, Belgium, Canada, the Czech Republic, Estonia, France, Greece, Hungary, Korea, Latvia, Lithuania, Luxembourg, Poland, Portugal, the Slovak Republic, Slovenia and Spain (income year 2018), Denmark (income year 2017) and Iceland (income … Consumer Spending in South Korea averaged 89691.25 KRW Billion from 1960 until 2020, reaching an all time high of 224585.80 KRW Billion in the fourth quarter of 2019 and a record low of 7263.90 KRW Billion in the first quarter of 1960. South Korea ranked third for budget > revenues amongst Densely populated countries in 2013. Published by the Bank of Korea on a Quarterly basis, the national income statistics indicates a nation's economic power and living standards of its people. Authors: Suk Bum Yoon. Income inequality is soaring in North Korea, and the country's wealthiest live in Pyongyang, where the per capita income is about $2,700 a year. To stimulate its pandemic-hit economy, a province in South Korea has been experimenting with universal basic income programs by regularly giving out … February 2000; Journal of the Asia Pacific Economy 5(1):57-72; DOI: 10.1080/13547860008540783. Income distribution and disparity As an indicator for economic growth, the economically active population in South Korea has been increasing over the past decade. That is surprising, given its general reputation as having relatively equitable income distribution. is comparatively low at an average height of 282 meters above sea level. SEJONG, Aug. 22 (Yonhap) -- South Korea's household income inequality widened to the worst level in more than a decade in the second quarter, data showed Thursday, despite the government's efforts to bridge the gap for the low-income bracket. This figure illustrates the definition of the Gini index: in a population in which income is perfectly equally distributed, the distribution of incomes would be represented by the ‘line of equality’ as shown in the chart – 10% of the population would earn 10% of the total income, 20% would earn 20% of the total … A couple of months ago, the KDI School of Public Policy and Management put out a paper by Kim Taejong and Kim Ji-Hong which uses a 2005 KDI survey of 700 North Korean refugees to generate estimates of the distribution of income in North Korea, focusing on the period 1996-2003. South Korea is one of the ‘gang of four’ East Asian countries that achieved rapid economic growth while maintaining a relatively equitable income distribution. In 1965, indirect taxes constituted 53.5% of total taxes, but that figure increased to 61.8% INCOME DISTRIBUTION IN SOUTH KOREA in 1975, and to 63.3% in 1980 (bong-A Daily News, 13 July 1982).