In 2023, the average annual wage in South Korea fell to 47,715 U.S. dollars after adjusting for purchasing power parity (PPP). The average salary in South Korea showed a general trend of positive growth within the given period. The monthly wage was projected to reach over 5,400 U.S. dollars in 2040, the highest value among the surveyed countries. Work-life balance South Korea has some of the longest working hours in the world. Although working hours in the country have decreased over the past decade and measures such as flexible working hours have been implemented to promote a better work-life balance, South Korea still ranks among the top five countries with the longest working hours in the Organization for Economic Cooperation and Development (OECD) as of 2022. Many South Koreans tend to prefer working for a company that offers a good work-life balance rather than a company that offers a higher salary. This preference is especially strong among parents. Women in the job market While the employment rate of South Korean women has risen steadily over the past decade, the gender pay gap still exists. On average, female workers earned about 65 percent of their male equivalents’ income in 2022. The average monthly salary in South Korea was around 4.13 million South Korean won for men and about 2.68 million won for women that year.

Key information about South Korea Monthly Earnings

• South Korea Monthly Earnings stood at 3,200 USD in Dec 2024, compared with the previous figure of 2,724 USD in Nov 2024
• South Korea Monthly Earnings data is updated monthly, available from Jan 2008 to Dec 2024, with an average number of 2,747 USD
• The data reached the an all-time high of 3,948 USD in Jan 2022 and a record low of 1,673 USD in Nov 2008

CEIC converts Monthly Earnings into USD. The Ministry of Labour provides Average Monthly Earnings in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Monthly Earnings exclude Agriculture, Fisheries and Forestry sectors. Monthly Earnings prior to January 2020 cover businesses with 1 or more employees and are based on the 9th Korean Standard Industry Clasification (KSIC). Monthly Earnings prior to January 2011 cover businesses with 5 or more employees and are based on the 9th Korean Standard Industry Clasification (KSIC).


Further information about South Korea Monthly Earnings

• In the latest reports, South Korea Population reached 52 million people in Dec 2024
• Unemployment Rate of South Korea dropped to 3 % in Jan 2025
• The country's Labour Force Participation Rate dropped to 63 % in Jan 2025

In 2023, the annual nominal median household income in South Korea amounted to around 37.57 million South Korean won, showing a steady increase over the past few years. The median household income is an indicator of the income level of the household unit and shows the living standard of the median household.

Key information about South Korea Household Income per Capita

• South Korea Annual Household Income per Capita reached 19,208.928 USD in Dec 2024, compared with the previous value of 19,230.954 USD in Dec 2023.
• South Korea Annual Household Income per Capita data is updated yearly, available from Dec 2003 to Dec 2024, with an averaged value of 14,290.376 USD.
• The data reached an all-time high of 19,230.954 USD in Dec 2023 and a record low of 7,685.194 USD in Dec 2003.
• In the latest reports, Retail Sales of South Korea dropped 0.473 % YoY in May 2023.

CEIC calculates Annual Household Income per Capita from quarterly Monthly Household Income multiplied by 3 and quarterly Average Household Size and converts it into USD. Statistics Korea provides Household Income in local currency and Average Household Size. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income excludes single person and farm households. Household Income per Capita prior to 2019 is based on old methodology.

In 2024, the average monthly salary of regular employees in South Korea's capital, Seoul, amounted to about four million South Korean won, down from about 4.17 million won in the previous year. This put Seoul's salary level significantly above the national average.

Minimum Wages in South Korea increased to 10030 KRW/Hour in 2025 from 9860 KRW/Hour in 2024. This dataset provides - South Korea Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Korea GDP: USD: Gross National Income per Capita: Atlas Method data was reported at 28,380.000 USD in 2017. This records an increase from the previous number of 27,690.000 USD for 2016. Korea GDP: USD: Gross National Income per Capita: Atlas Method data is updated yearly, averaging 5,835.000 USD from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 28,380.000 USD in 2017 and a record low of 120.000 USD in 1963. Korea GDP: USD: Gross National Income per Capita: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Nominal. GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average;

This statistic displays the average annual wage of employees working for the five major automobile companies in South Korea from 2005 to 2016. In 2016, the average salary per year of the automobile industry in South Korea amounted to approximately 92.13 million South Korean won.

Korea GDP: USD: Net Income from Abroad data was reported at 55.643 USD mn in 2017. This records a decrease from the previous number of 3.811 USD bn for 2016. Korea GDP: USD: Net Income from Abroad data is updated yearly, averaging -306.315 USD mn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 12.551 USD bn in 2012 and a record low of -7.019 USD bn in 2005. Korea GDP: USD: Net Income from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Nominal. Net income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). Data are in current U.S. dollars.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Graph and download economic data for Hourly Compensation in Manufacturing, U.S. Dollar Basis, in the Republic of Korea (South Korea) (DISCONTINUED) (KOHCMFN) from 1985 to 2011 about Korea, compensation, hours, and manufacturing.

Korea (DC)Gross National Income Per Capita: US$ data was reported at 20,045.000 USD in 2007. This records an increase from the previous number of 18,401.000 USD for 2006. Korea (DC)Gross National Income Per Capita: US$ data is updated yearly, averaging 4,926.500 USD from Dec 1970 (Median) to 2007, with 38 observations. The data reached an all-time high of 20,045.000 USD in 2007 and a record low of 254.000 USD in 1970. Korea (DC)Gross National Income Per Capita: US$ data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.A080: GDP: By Expenditure: Current Price (Annual) (Old).

Korea GDP: USD: Gross National Income data was reported at 1,530.807 USD bn in 2017. This records an increase from the previous number of 1,418.616 USD bn for 2016. Korea GDP: USD: Gross National Income data is updated yearly, averaging 219.006 USD bn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 1,530.807 USD bn in 2017 and a record low of 2.447 USD bn in 1961. Korea GDP: USD: Gross National Income data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Nominal. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total;

Graph and download economic data for Current Account Balance: Total Income for the Republic of Korea (DISCONTINUED) (BPBLIN01KRA637S) from 1980 to 2013 about current account, Korea, BOP, and income.

Korea GDP: USD: Gross National Income: Atlas Method data was reported at 1,460.492 USD bn in 2017. This records an increase from the previous number of 1,418.910 USD bn for 2016. Korea GDP: USD: Gross National Income: Atlas Method data is updated yearly, averaging 248.922 USD bn from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 1,460.492 USD bn in 2017 and a record low of 3.141 USD bn in 1962. Korea GDP: USD: Gross National Income: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Nominal. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total;

In 2025, the minimum wage in South Korea stood at 10,030 South Korean won per hour. This was a slight increase compared to the previous year. In response to a rising concern over low wages, the South Korean government implemented the minimum wage in 1988.Raising the minimum wageThe issue of raising the minimum wage has consistently been a focal point of public debate, especially during presidential election cycles. In 2017, Moon Jae-in, the then-candidate for the presidency, committed to raising the minimum wage to at least 10,000 South Korean won by 2020. This proposal generated significant controversy and sparked a heated discussion among various political groups.Impact on small and medium-sized businessesThe proposed increase in the minimum wage also faced strong opposition from small and medium-sized enterprises (SMEs). Business owners within this sector expressed concerns about their ability to absorb the costs associated with higher wages. Many argued that any increase in labor costs would further strain their financial stability.

South Korea Foreign Direct Investment Income: Outward: Total: Guyana data was reported at 0.000 USD mn in 2022. This stayed constant from the previous number of 0.000 USD mn for 2021. South Korea Foreign Direct Investment Income: Outward: Total: Guyana data is updated yearly, averaging 0.000 USD mn from Dec 2013 (Median) to 2022, with 8 observations. The data reached an all-time high of 0.000 USD mn in 2022 and a record low of 0.000 USD mn in 2022. South Korea Foreign Direct Investment Income: Outward: Total: Guyana data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.FDI: Foreign Direct Investment Income: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is applied in the recording of total inward and outward FDI transactions and positions. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the ultimate controlling parent (extended directional principle). FDI transactions and positions by partner country and/or by industry are available excluding and including resident Special Purpose Entities (SPEs). The dataset 'FDI statistics by parner country and by industry - Summary' contains series excluding resident SPEs only. Valuation method used for listed inward and outward equity positions: Own funds at book value. Valuation method used for unlisted inward equity positions: Own funds at book value. Valuation method used for unlisted outward equity positions: Own funds at book value, Accumulation of FDI equity flows, Book values. Valuation method used for inward debt positions: Nominal value. Valuation method used for outward debt positions: Market value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationship (FDIR). Fellow enterprises are partially covered in FDI transactions and positions. However given the reporting treshold, almost all of the value of transactions of fellows are covered in the statistics. Collective investment institutions are included as direct investment enterprises. Non-profit institutions serving households are included as direct investors (outward FDI transactions and positions). FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.

KR: Foreign Direct Investment Income: Inward: USD: Total: Advertising data was reported at 17.402 USD mn in 2022. This records an increase from the previous number of 5.930 USD mn for 2021. KR: Foreign Direct Investment Income: Inward: USD: Total: Advertising data is updated yearly, averaging 4.585 USD mn from Dec 2013 (Median) to 2022, with 10 observations. The data reached an all-time high of 24.000 USD mn in 2016 and a record low of 0.000 USD mn in 2018. KR: Foreign Direct Investment Income: Inward: USD: Total: Advertising data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.FDI: Foreign Direct Investment Income: USD: by Industry: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is applied in the recording of total inward and outward FDI transactions and positions. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the ultimate controlling parent (extended directional principle). FDI transactions and positions by partner country and/or by industry are available excluding and including resident Special Purpose Entities (SPEs). The dataset 'FDI statistics by parner country and by industry - Summary' contains series excluding resident SPEs only. Valuation method used for listed inward and outward equity positions: Own funds at book value. Valuation method used for unlisted inward equity positions: Own funds at book value. Valuation method used for unlisted outward equity positions: Own funds at book value, Accumulation of FDI equity flows, Book values. Valuation method used for inward debt positions: Nominal value. Valuation method used for outward debt positions: Market value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationship (FDIR). Fellow enterprises are partially covered in FDI transactions and positions. However given the reporting treshold, almost all of the value of transactions of fellows are covered in the statistics. Collective investment institutions are included as direct investment enterprises. Non-profit institutions serving households are included as direct investors (outward FDI transactions and positions). FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.

In 2024, players for the Korean Baseball Organization (KBO) team LG Twins earned an average salary of around 190 million South Korean won. The lowest ranked team was Kiwoom Heroes, although this list had the caveat of excluding rookie and foreign player salaries. Pro baseball players in South Korea Over six hundred players were registered for the KBO season, as the ten participating teams competed for the championship trophy. In particular, KT Wiz seemed fully committed to their title ambitions. Three of the top ten highest-paid KBO players played for SSG, including veteran pitcher Ko Young-pyo, who has been playing for KT since he was drafted. The most popular pro sport in South Korea Professional basketball was the leading domestic pro sport by a significant margin. It boasted the highest number of spectators for its matches and events such as the all-star game. The KBO league has recovered from the COVID-19 pandemic, which led to a plummet in spectators. With a new broadcasting deal in place from the 2024 season, the league hopes to continue its upward trajectory.

Korea GDP: 2010 Price: USD: Adjusted Net National Income per Capita data was reported at 20,898.994 USD in 2016. This records an increase from the previous number of 20,284.300 USD for 2015. Korea GDP: 2010 Price: USD: Adjusted Net National Income per Capita data is updated yearly, averaging 10,880.394 USD from Dec 1971 (Median) to 2016, with 46 observations. The data reached an all-time high of 20,898.994 USD in 2016 and a record low of 2,281.239 USD in 1971. Korea GDP: 2010 Price: USD: Adjusted Net National Income per Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Gross Domestic Product: Real. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.; ; World Bank staff estimates based on sources and methods in World Bank's 'The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium' (2011).; Weighted average;

In 2024, the players of Ulsan Hyundai were the best-paid players on average in K League 1. Ulsan players were each paid on average over 564.9 million South Korean won as annual salaries, well above Jeonbuk Hyundai Motors, which was in second place with an average of roughly 380 million won. Ulsan Hyundai was regarded among the most successful South Korean football clubs, with two of the best-paid domestic players playing for them.