In 2023, the median household disposable income in South Korea amounted to around ***** million South Korean won, showing a steady increase over the past few years. The median disposable income of South Korean households has steadily increased over the past few years.

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 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, measures such as flexible working hours have been implemented to promote a better work-life balance. Nevertheless, South Korea still ranks among the top five countries with the longest working hours in the Organization for Economic Cooperation and Development (OECD). 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 increased steadily over the past decade, the gender pay gap persists. On average, female workers earned about 65 percent of their male counterparts’ income. The average monthly salary in South Korea was around 4.26 million South Korean won for men and about 2.78 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 2024, the average salary of South Korean employees, which includes fixed salary and overtime pay, amounted to around **** million South Korean won, a slight increase from the previous year. Average salary levels in South Korea have risen steadily over the past decade. Working conditions in South Korea The working conditions in South Korea have also generally improved in recent years. For example, the average monthly working hours of employees have steadily declined. At the same time, an increasing number of wage and salary workers have taken advantage of flexible work arrangements, such as flextime or working from home. However, there is still room for improvement in some areas – working hours are still very long compared to the international average, and working from home is not as widespread in small and medium-sized enterprises as in large companies. Working from home Between 2019 and 2023, the number of employees working from home increased significantly, rising more than sevenfold. This surge was primarily driven by the COVID-19 pandemic. However, as the pandemic gradually subsided and restrictions eased, the number of individuals working remotely has declined.

In the fourth quarter of 2024, the average monthly income of South Korean households amounted to about **** million South Korean won, up from about **** million South Korean won in the same quarter of the previous year. Following the outbreak of the COVID-19 pandemic, household income dropped *** percent year-on-year in the second quarter of 2021, but recovered by the end of the year.

South Korea Proportion of People Living Below 50 Percent Of Median Income: % data was reported at 12.200 % in 2016. This records a decrease from the previous number of 12.500 % for 2014. South Korea Proportion of People Living Below 50 Percent Of Median Income: % data is updated yearly, averaging 12.750 % from Dec 2006 (Median) to 2016, with 6 observations. The data reached an all-time high of 13.000 % in 2012 and a record low of 12.200 % in 2016. South Korea Proportion of People Living Below 50 Percent Of Median Income: % 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: Social: Poverty and Inequality. The percentage of people in the population who live in households whose per capita income or consumption is below half of the median income or consumption per capita. The median is measured at 2017 Purchasing Power Parity (PPP) using the Poverty and Inequality Platform (http://www.pip.worldbank.org). For some countries, medians are not reported due to grouped and/or confidential data. The reference year is the year in which the underlying household survey data was collected. In cases for which the data collection period bridged two calendar years, the first year in which data were collected is reported.;World Bank, Poverty and Inequality Platform. Data are based on primary household survey data obtained from government statistical agencies and World Bank country departments. Data for high-income economies are mostly from the Luxembourg Income Study database. For more information and methodology, please see http://pip.worldbank.org.;;The World Bank’s internationally comparable poverty monitoring database now draws on income or detailed consumption data from more than 2000 household surveys across 169 countries. See the Poverty and Inequality Platform (PIP) for details (www.pip.worldbank.org).

This statistic shows the annual income of one-person households in South Korea in 2017, by age group. In 2017, one-person households in their 30s earned around 34.02 million South Korean won on average.

The Gross Domestic Product per capita in South Korea was last recorded at 34121.02 US dollars in 2023. The GDP per Capita in South Korea is equivalent to 270 percent of the world's average. This dataset provides - South Korea GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the average monthly salary of a male employee in South Korea was about 4.26 million South Korean won, with men in their fifties earning the highest average wage of all age groups at about 5.27 million won. This was closely followed by employees in their forties, who earned an average of 5.23 million won.

Average: AH: 30~39: Repayment Of Principal And Interest data was reported at 11,930.000 KRW th in 2017. This records a decrease from the previous number of 12,180.000 KRW th for 2016. Average: AH: 30~39: Repayment Of Principal And Interest data is updated yearly, averaging 8,145.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 12,180.000 KRW th in 2016 and a record low of 5,780.000 KRW th in 2010. Average: AH: 30~39: Repayment Of Principal And Interest data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

Historical chart and dataset showing South Korea GDP per capita by year from 1960 to 2023.

Average: AH: 30~39: A Deposit For A Lease data was reported at 49,850.000 KRW th in 2017. This records an increase from the previous number of 45,830.000 KRW th for 2016. Average: AH: 30~39: A Deposit For A Lease data is updated yearly, averaging 42,175.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 49,850.000 KRW th in 2017 and a record low of 29,420.000 KRW th in 2010. Average: AH: 30~39: A Deposit For A Lease data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

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

The Gross Domestic Product per capita in South Korea was last recorded at 49995.49 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in South Korea, when adjusted by Purchasing Power Parity is equivalent to 281 percent of the world's average. This dataset provides the latest reported value for - South Korea GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Average: AH: More Than 60: Regular Income data was reported at 31,020.000 KRW th in 2017. This records an increase from the previous number of 30,330.000 KRW th for 2016. Average: AH: More Than 60: Regular Income data is updated yearly, averaging 26,455.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 31,020.000 KRW th in 2017 and a record low of 21,360.000 KRW th in 2010. Average: AH: More Than 60: Regular Income data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

In 2023, South Korea's per capita disposable income amounted to around ***** million South Korean won, up from about ***** million won in the previous year. Per capita net disposable income in South Korea has risen steadily in recent years.

Average: AH: 50~59: Disposable Income data was reported at 52,060.000 KRW th in 2017. This records an increase from the previous number of 49,840.000 KRW th for 2016. Average: AH: 50~59: Disposable Income data is updated yearly, averaging 46,155.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 52,060.000 KRW th in 2017 and a record low of 37,240.000 KRW th in 2010. Average: AH: 50~59: Disposable Income data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

Average: AH: 40~49: Owing On Credit Cards data was reported at 810.000 KRW th in 2017. This records a decrease from the previous number of 850.000 KRW th for 2016. Average: AH: 40~49: Owing On Credit Cards data is updated yearly, averaging 830.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 1,000.000 KRW th in 2013 and a record low of 700.000 KRW th in 2011. Average: AH: 40~49: Owing On Credit Cards data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

Korea Average: AH: 50~59: Savings data was reported at 96,310.000 KRW th in 2017. This records an increase from the previous number of 93,890.000 KRW th for 2016. Korea Average: AH: 50~59: Savings data is updated yearly, averaging 91,710.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 96,310.000 KRW th in 2017 and a record low of 55,180.000 KRW th in 2010. Korea Average: AH: 50~59: Savings data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).