The most expensive area in Seoul, South Korea as of December 2024 was Gangnam-gu with an average apartment selling price of around 2.4 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?Gangnam has developed greatly since the 1960s with intensive government investment. It literally means 'south of the Han River' and is one of the busiest entertainment districts including Hongdae and Itaewon. Gangnam is also known as a place where people with a high level of education or wealth live. These backgrounds motivated Psy, the well-known Korean singer, rapper, and songwriter, to write his internationally popular song “Gangnam Style”. Luxury apartments in South KoreaThe average purchasing price of apartments in the country has almost doubled in the last 10 years. Part of the reason for this are the multiple luxury-branded apartment complexes in Seoul. Located in Gangnam-gu in Seoul, The Penthouse Cheongdam was the most expensive, with a transaction amount of around 16.4 billion South Korean won.

As of August 2024, the executive chairman of Samsung Electronics Lee Jae-yong (Jay Y. Lee) was the wealthiest person in South Korea, with a net worth of about 11.5 billion U.S. dollars. His net worth increased from 7.9 billion U.S. dollars from the previous year when he rose from second to first place. Seo Jung-jin, the co-founder of Celltrion, followed with about 7.3 billion dollars. Turbulent times for the wealthy Despite the country's economic recovery from the impact of COVID-19, South Korea’s wealthiest people lost a significant amount of their net worth because of the poorly performing stock market and a weakened currency. Lee Jae-yong overcame the shrinking demand for tech goods and ranked as the wealthiest South Korean, although his net worth the year before was more than one billion dollars higher. The founder of Kakao, Kim Beom-su, had the same net worth as Lee Jae-yong in 2022. However, he only placed fourth in 2023, losing more than four billion dollars in net worth within the year. In October 2022, Kakao faced public outrage and criticism because of a service outage. Conglomerates’ dominating position in the South Korean economy   Although the collective wealth of the 50 wealthiest people in South Korea fell by about 18 percent, conglomerates dominated the market. Samsung Electronics had the highest market capitalization among business groups listed in South Korea, amounting to about 474 trillion South Korean won. The position of the largest businesses represented a significant hurdle for start-ups. South Korea had a low survival rate for new companies compared to the OECD average, discouraging the emergence of new businesses. When asked about the most critical challenges, small- and medium-sized business owners answered that increasing revenue and attracting customers were the most difficult.

In 2022, the gross regional domestic product (GRDP) per capita in Ulsan, South Korea amounted to about 77.5 million South Korean won. The province of Chungnam and the capital city of Seoul followed with about 58.9 million and 51.6 million South Korean won, respectively.

In 2024, an estimated 461,000 people in South Korea owned financial assets worth one billion South Korean won or more. This was a year-on-year increase of around one percent. The rise in stock prices was, among other things, the key reason for the jump in the wealth of these millionaires. High-net-worth-individuals (HNWIs) in South Korea High-net-worth individuals (HNWI) refer to persons with a net worth of over one million U.S. dollars including their primary residence. The number of HNWIs in South Korea has risen steadily in recent years. While there were about 481 thousand HNWIs in 2016, the number exceeded 830,000 in 2021 and is expected to double the 2015 figure by 2026. South Korea was among the top 15 countries with the most ultra-high-net-worth individuals (UHNWIs), whose net assets, including their homes, exceed 50 million U.S. dollars. Who are the wealthiest people in South Korea? In recent years, South Korea has also seen an increase in the number of billionaires, with the capital Seoul being one of the leading cities in the world with the most resident billionaires. With a net worth of around 11.5 billion U.S dollars, Lee Jae-yong (Jay Y. Lee), executive chairman of Samsung Electronics and son of the late Samsung chairman Lee Kun-hee, was the wealthiest person in South Korea as of 2024. Seo Jung-jin, the founder of South Korea's biopharmaceutical company Celltrion, followed and led the wealth ranking along with Samsung boss Lee.

In 2024, household net worth in South Korea's capital Seoul amounted to around 647 million South Korean won, down from about 660 million South Korean won a year earlier. Seoul's household net worth was the highest among all cities and provinces in South Korea that year.

In 2024, an estimated 208,800 millionaires lived in Seoul, South Korea, accounting for about 45.3 percent of the nationwide number of millionaires. The total number of people in South Korea owning financial assets of one billion South Korean won or more stood at about 461 thousand that year.

In 2024, the Penthouse Cheongdam apartments, located in the Gangnam district of Seoul, were the most expensive in South Korea, with an actual transaction value of around 16.4 billion South Korean won. This price exceeded that of the second-most expensive apartment, creating a price gap of approximately 3.5 billion won. The most expensive area in South Korea Seoul ranks as the most expensive city in South Korea. As of November 2023, the average apartment price in Seoul stood at around 12.6 million won, about three times the national average. According to the housing affordability index, Seoul received the highest score nationwide. Within Seoul, the most expensive area was Gangnam, whose residents are known for their luxurious lifestyle. Increasing mortgage loans Since apartments constitute the majority of housing in South Korea, it is no surprise that most mortgage loans are granted for apartment purchases. Moreover, mortgage loans have steadily increased over the years, indicating a higher financial burden for housing, in line with the high housing affordability index. Despite the high housing prices, a survey revealed that most respondents thought housing prices would fall over the next year. Although this provides a relatively positive outlook for future developments, the current housing situation has left respondents with a negative impression of the current government’s real estate policies.

This dataset provides values for GDP PER CAPITA reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

In 2023, the population density in South Korea stood at around 515 inhabitants per square kilometer, slightly up from 514 in the previous year. The nationwide population density had been increasing steadily over the past two decades. The highest density was in Seoul, the capital of South Korea, with about 15.5 thousand people per square kilometer. Urban vs. rural populationSouth Korea was predominantly an agricultural country after it gained independence from Japanese rule in 1945. In the decades that followed, the dictatorships and democratic governments that governed Korea strove to industrialize and modernize the country. One of the results of such policies was an increasing urbanization in combination with a depopulation of the rural areas. The urban population increased by approximately four million in the last twenty years, as the rural population dropped by approximately one million. In addition, the degree of urbanization has been between 81 and 82 percent over the past decade. This means around 81 percent of the total population was living in an urban area. The most populous city SeoulSeoul’s particularly high population density is not surprising. The capital city is usually grouped together with the province of Gyeonggi, which is shaped like a donut with Seoul at its center, and the metropolitan port city of Incheon as the Seoul Capital Area. This is one of the world’s largest metropolitan areas and is the political, economic, and cultural center of South Korea. One half of Korea’s population of over 51 million people live in this area. The city is home to around 9.4 million people. The concentration of power, wealth, and jobs attract more and more people from all over the country. The large number of apartment complexes in Korea further intensify the population density. High-rise apartments, ranging from ten to twenty stories or even higher, are the most common form of housing and are especially widespread in Seoul.

In 2023, the gross regional product of South Korea's Gyeonggi Province amounted to about 594 trillion South Korean won, followed by the capital Seoul with around 548 trillion won. Gyeonggi and Seoul accounted for almost 50 percent of South Korea's gross domestic product (GDP) that year.

As of December 2024, the mean purchase price of housing in Seoul, South Korea, amounted to around 866 million South Korean won. The average price of detached houses amounted to around 1.14 billion won while the price of apartments was about 1.13 billion South Korean won. Apartments in South Korea Among all housing types, apartments are the most expensive, costing more than one billion South Korean won on average. Living in apartments is typical for Seoul, as an increasing number of citizens move towards the city, causing high population density. As of 2022, more than 40 percent of all households were living in apartments, excluding alternative housing, such as officetels or goshiwons. Gangnam Style Based on the average selling price of apartments in Seoul, Gangnam is the most expensive area in Seoul to live in, with an average sales price of around 2.38 billion South Korean won. The area became internationally known due to the viral YouTube hit Gangnam Style by South Korean artist PSY. Since Gangnam is known for its wealthy citizens, the song was inspired by their mannerisms.