The number of women-owned small and midsize corporations in Korea reached a record high of 3,372,665 as of 2023.
The Women's Economic Research Institute released the Status of Women-owned Small and Midsize Corporations as of 2023 on the 18th. It analyzed the data based on the 2023 Basic Statistics on Small and Midsize Corporations and the National Business Survey released in Nov.
The number of women-owned small and midsize corporations in Korea increased to 3,372,665, up 113,454 (3.5%) from a year earlier. Compared with men-owned small and midsize corporations, which recorded a 3% growth rate in the same period, the growth was 0.5 percentage points higher.
The number of employees at women-owned small and midsize corporations was 5,534,662, an increase of 115,506 (2.1%) from a year earlier, and sales rose by 13.2414 trillion won (2.1%) to 639.475 trillion won. Women's share of employment shows that women-owned corporations account for 72.7% of their total workforce, 2.3 times higher than men (31.6%).
By industry, women-owned small and midsize corporations were concentrated in wholesale and retail, real estate, and accommodation and food service, accounting for 64.2%. The share of the same sectors for men-owned small and midsize corporations was 43.8%.
By size, microbusinesses made up 97.5% of all women-owned corporations, showing a high share of small-scale corporations. The share with one employee was also high at 82.1%. The share operated as sole proprietorships was 92.5%. In addition, 35.1% had been in business for more than seven years, beyond the startup stage, while 36.1% were three years old or less.
Park Chang-suk, chair of the Women's Economic Research Institute, said, "We will closely examine the status of women-owned corporations to derive effective policy measures going forward."