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Top 20% Income Bracket Earning 15 Times More Than Bottom 20%

Written: 2023-02-01 13:56:39Updated: 2023-02-01 14:02:30

Top 20% Income Bracket Earning 15 Times More Than Bottom 20%

Photo : YONHAP News

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.

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