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Korea Times

How much do Korea’s top 0.1% earn?

Study reveals that the top of the income hierarchy earns US$308,000 a year

PUBLISHED : Wednesday, 30 November, 2016, 12:29pm
UPDATED : Wednesday, 30 November, 2016, 12:31pm

By Ko Dong-hwan

How much do Korea’s top 0.1 per cent earn? Who are Korea’s top 0.1 per cent?

According to the Korea Labor Institute (KLI) Tuesday, the top of the income hierarchy earns 360 million won (US$308,000) a year.

Most of the group, 29 per cent, are executive officers.

Doctors (22 per cent), business owners (12.7 per cent), stock shareholders (12.5 per cent), financial sectors employees (7 per cent) and property owners (4 per cent) followed. 

The group includes a minuscule portion of specialist labourers (0.1 per cent), while there are no public servants or people in service sectors.

The KLI studied the National Tax Service’s annual tax reports and income survey data from the Ministry of Employment and Labor.

The KLI then categorised jobs into 16 groups and analysed average incomes.

The results are in the latest edition of the “Society Economy Review” journal, released on Tuesday.

Doctors” account for 22 per cent in Korea’s top 0.1 per cent while those in the U.S. account for only 6 per cent.

On the other hand, financial or legal advisers combined take up 25.3 per cent in the U.S. while those in Korea take up 9 per cent.

“The difference in the proportion of top jobs in each country reflects different market shares,” the KLI says.

The report also reveals that Korea’s top 1 per cent earn 120 million won (US$102,643) a year.

 

How much do Korea’s top 0.1% earn?