Average salary in Seoul 2023 | Statista (2024)

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Average salary in Seoul 2023 | Statista? ›

In 2023, the average monthly salary of regular employees in South Korea's capital, Seoul, amounted to almost 4.3 million South Korean won, up from about 4.1 million won in the previous year. This put Seoul's salary level significantly above the national average.

The average salary for jobs in Seoul, South Korea is ₩54,473,116 (KRW) per year or an hourly rate of ₩26,189 (KRW). The above data is a sample of data available in ERI's Global Salary Calculator. The Global Salary Calculator provides compensation data for over 45,000 positions in 8,000+ cities in 69 countries.

On average, South Korean salaries can range from about 983,000 KRW per month (USD 731) on the lower end to 17,400,000 KRW per month (USD 12,940) on the higher end. Note that these figures only indicate the average salary earned by South Koreans and do not represent the actual maximum salary and minimum salary.

Cost Of Living In South Korea Vs. The USA. The average cost of living in South Korea is much lower than the average cost of living in the United States. The biggest savings are found in the price of monthly rent for apartment units in both the suburbs and downtown locations.

High-income bracket (고소득계층/高所得階層) refers to the top one percent of income earners. According to a study by the Korea Labor Institute, wealthy income earners in Korea earn 120 million won a year. Those who are extremely wealthy - or who have earnings in the top 0.1 percent - make an average 360 million won annually.

Kim Hoi-jae from the main opposition Democratic Party of Korea on Monday, the top 1 percent of income earners numbered 199,591 in 2021, and they earned at least 320 million won ($236,581) on average that year. The wage earners' data was submitted by the National Tax Service to the lawmaker.

According to a survey conducted among male and female adults in South Korea in 2021, the net wealth required to be considered wealthy was about 4.9 trillion South Korean won, a slight increase from the previous year. The threshold above which someone is considered wealthy has risen steadily in recent years.

The Seoul Metropolitan Government (SMG) announced finalization of the city's 2024 living wage (the minimum amount needed to satisfy living requirements for a family of three in Seoul calculated as an hourly wage) at ₩11,436 per hour.

A: Seoul is one of the most expensive cities in South Korea, and the cost of living can be relatively high compared to other cities. Students can expect to spend around 27,00,000 (INR 1.6L) monthly on accommodation, food, transport, and other living expenses.

Is $2,000 dollars a month good in South Korea? ›

$2,000 American is below the average Korean salary but you can absolutely live off that much money in Seoul. Of course you will probably be living in a studio or small one bedroom at that price point and you certainly wouldn't want to have a car.

Some average living costs are (in ₩ and USD): Monthly rent (1 bedroom apartment): 975,000₩ ($830) Utilities (monthly average): 200,000₩ ($170) Monthly public transport pass: 55,000₩ ($45)

Minimum level of annual income perceived to be rich among millionaires in South Korea in 2021 (in million South Korean won) *Millionaires are defined here as individuals who have financial assets of one billion South Korean won or more. 1,000 South Korean won equals 0.83 U.S. dollars or 0.74 euros as of March 2022.

Life in Korea is sometimes challenging. Personal space is almost non-existent, especially on public transportation. I have been on city buses where I literally could not move. The subways can also get quite packed, so be prepared.

Anyone wishing to move to South Korea and stay for a period longer than three months (90 days) needs a visa to move to South Korea.

As of November 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 819 million South Korean won. The average price of apartments amounted to around 1.05 billion South Korean won while the price of row houses was about 341 million South Korean won.

According to a survey conducted in South Korea in 2021, around 34.5 percent of millionaires surveyed stated that households with a minimum annual income of 500 million South Korean won or more can be perceived as rich. The threshold to be considered wealthy increased with the level of wealth of the respondents.

A: Seoul is one of the most expensive cities in South Korea, and the cost of living can be relatively high compared to other cities. Students can expect to spend around 27,00,000 (INR 1.6L) monthly on accommodation, food, transport, and other living expenses.

Minimum Wage Updated in South Korea from 01 January 2024 - January 01, 2024. The minimum wage has been revised in South Korea from 01 January 2024. The minimum wage has been increased from ₩9,620.00 to ₩9,860.00 per hour. Note: This minimum wage increase might not reflect the inflationary trends.

The highest paying jobs in South Korea are major executive roles, IT, finance and healthcare sectors, positions of Chief Financial Officer and Chief Executive Officer are among the highest paid.