The top 20-percent income bracket in South Korea are earning 15 times more than the bottom 20-percent.
According to data from the National Tax Service(NTS), obtained by main opposition Democratic Party(DP) Rep. Jin Sun-mee on Wednesday, the earned income quintile share ratio, which shows the income gap, was 15-point-one times as of 2021.
The ratio, which was 16-point-three times in 2017, narrowed to 14-point-six times in 2019, before widening to 15-point-one in 2021.
However, the increase in income between 2017 and 2021 was greater for the lower 20-percent bracket, with earnings jumping 21-point-six percent compared to 12-point-nine percent for those in the upper 20-percent.
Among the total income earning population of 19-point-96 million, the average annual income per person stood at 40-point-24 million won, surpassing 40 million won for the first time.