Top 0.1% of the income proportion 4.19% of the total income (873 trillion 432.9 billion won)
The annual income of the top 0.1% of the ultra-high income group was estimated to reach 37 trillion won. It averages 1.5 billion won per person.
Yang Gyeong-sook, a member of the National Assembly’s Planning and Finance Committee, and Democratic Party lawmakers’ office analyzed the data from the National Tax Service’s “2019 integrated income (work + comprehensive income)” on the 4th. The average income per person is 1516.65 million won.
Integrated income is the sum of earned income, business income, financial income, and rental income, and includes the total income of individuals including’salary wages’, earned income earners, self-employed persons, and renters.
The top 0.1% of the income amount corresponds to 4.19% of total income (873,432.9 billion won). It increased by 0.04 percentage points (p) from the previous year (4.15%). The top 0.1% income is steadily increasing at 17.93% in 2017, 3.21% in 2018, and 7.08% in 2019.
The top 1% (241,494 people)’s combined income is 98.159 trillion won, and the average per capita income is 45.87 million won. Their share of income was 11.22% of total income, up 0.05%p from the previous year (11.17%).
The combined income of the top 10% (241,4948 people) is 319,400.5 billion won, and the average per capita income is 130.95 million won. The average income per capita of the median income earners (21,1495 people, which is 50% of the total income reporters listed) is 25.08 million won. The average income of the median earner is only 1.65% of the average income of the top 0.1%.
Rep. Yang Kyung-sook said, “The trend of wealth caused by asset income is slowing the improvement of the income gap. We will improve asset polarization and actively come up with alternatives to resolve inequality.”
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