Top 0.1% of wealthy Koreans made 70 times more than median income earners in 2021

• Published date: 25 February 2023
• Publication title: The Korea Times

Skyscrapers and traditional houses are seen in Seoul in this undated file photo. Gettyimages

The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday.

Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party of Korea also showed the share of the total income held by the top bracket increased to 4.8 percent that year from 4.2 percent in 2018.

The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times more than the 26.6 million won earned by those in the middle of the income bracket.

The ratio has continued to increase, rising from 61 times in 2018 ? via a slight fall to 60.4 times in 2019 ? to 64.7 times in 2020.

On average, the annual income of the top 1...