According to an analysis of microdata from Statistics Korea, the real estate asset threshold for households in the top 1% last year was 3 billion KRW (approximately 2.2 million USD).
In other words, as of last year, one needed to own at least 3 billion KRW in real estate to be considered among the “top 1% real estate wealthy.”
In 2019, the threshold for the top 1% was 2.46 billion KRW (approximately 1.8 million USD), meaning that over five years, the threshold increased by 540 million KRW (approximately 400,000 USD).
The threshold for the top 5% also rose from 1.12 billion KRW (approximately 830,000 USD) in 2019 to 1.41 billion KRW (approximately 1.05 million USD) in 2024, an increase of 290 million KRW (approximately 220,000 USD).
Likewise, the threshold for the top 10% increased from 750 million KRW (approximately 560,000 USD) to 950 million KRW (approximately 710,000 USD), rising by 200 million KRW (approximately 150,000 USD).
Meanwhile, the real estate assets of middle-class households only increased from 160 million KRW (approximately 120,000 USD) in 2019 to 180 million KRW (approximately 135,000 USD) in 2021, a modest increase of 20 million KRW (approximately 15,000 USD).
This indicates a growing wealth gap.
Additionally, as housing prices have surged in Seoul, particularly in the Gangnam area, where education, business, and transportation infrastructure are concentrated, the disparity between the capital region and non-capital areas has widened, intensifying regional polarization.
The difference between the capital and non-capital regions is estimated to be around 300 million KRW (approximately 220,000 USD).
