How much won do you need to be rich in Korea?
To be considered wealthy or "rich" in Korea, you need to have financial assets totaling over 1 billion Korean won (approximately $810,000 USD). This benchmark comes from the 2022 Korean Wealth Report, which surveyed 400 Koreans having at least 1 billion won in financial assets.
Key Income and Wealth Benchmarks
Here are some key income and wealth statistics in Korea for context:
Median Monthly Income (2021)
| Percentile | Monthly Income (won) | Monthly Income (USD) |
|---|---|---|
| 90th | 6,380,000 | $5,170 |
| 50th (median) | 2,600,000 | $2,100 |
| 10th | 1,150,000 | $930 |
As you can see from the median income, an individual earning around $2,100 USD per month (2.6 million won) would be considered to have an average middle class income by Korean standards.
The top 10% of Korean income earners make over 6.38 million won per month, equivalent to approximately $5,200 USD.
In terms of milestone income figures, a salary of 300 million won per year ($243,000 USD) can provide a very comfortable lifestyle in Seoul with nice housing, travel ability, and car ownership within reach.
Housing Cost Examples in Seoul
To understand the type of lifestyle 1 billion won in assets can afford, it helps to look at real estate prices in Seoul:
Average Apartment Price in Seoul
- Avg size: 102 pyeong (unit of area)
- Avg price per pyeong: 16,840,000 won ($13,600 USD)
- Total average price: 1.72 billion won ($1.4 million USD)
So while 1 billion won gets you close to affording the average apartment in Seoul, you may need to supplement that with additional income/assets to own real estate in the most prime locations.
Other Cost of Living Examples in Korea
Here are some other representative costs for everyday spending in Korea:
- Bus/subway fare per ride – 1,250 won ($1 USD)
- Movie ticket – approx 12,000 won ($10 USD)
- Coffee at cafe – around 5,000 won ($4 USD)
- Buying a low-mid range car – approx 30-40 million won ($25,000-$32,000 USD)
So as you can see even smaller amounts of money can go a long way for basic spending, but significantly more is needed for luxury spending and assets like high-end real estate.
In summary, 1 billion won puts you at the threshold for being considered wealthy in Korea, but more assets would be ideal for a true high-end lifestyle.
