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South Korea's Income Gap Between Rich, Poor Widens after Pandemic

Written: 2023-05-25 16:35:54Updated: 2023-05-25 16:42:57

South Korea's Income Gap Between Rich, Poor Widens after Pandemic

Photo : YONHAP News

Income growth in the top quintile in the first quarter of the year was nearly double that of the bottom 20 percent, evidencing a larger disparity after the pandemic.

According to Statistics Korea on Thursday, the rate of increase in disposable income, excluding taxes, pensions and social insurances, for the top 20 percent was three times faster than the bottom 20 percent.

The top 20 percent saw an increase of more than 17 percent in their monthly consumer spending led by transportation costs, while the lower 20 percent saw a near-14-percent increase led by housing and utilities costs.

The country's distribution ratio for disposable income showed that the top 20 percent earned six-point-45 times more than the bottom 20 percent, up from six-point-two a year earlier, widening the inequality gap.

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