As of 2024, the number of small and medium-sized corporations in Korea was found to be nearing 8.5 million. However, despite the increase in the number of corporations, the number of employees was virtually flat, with a sharp rise in one-person corporations and a decline in corporations with two or more employees. The aging of SME representatives also continued, according to the tally.
The Ministry of SMEs and Startups announced the "Basic statistics on small and medium-sized corporations as of 2024" on the 31st.
Domestic small and medium-sized corporations totaled 8,499,552 as of 2024, up 200,637 (2.4%) from a year earlier. The number of employees at small and medium-sized corporations rose by only 7,157 (0.04%) to 19,124,806 from a year earlier. Sales came to 3,324.2020 trillion won, up 22.9475 trillion won (0.7%) from the previous year.
The number of corporations increased, but job growth was modest. In particular, the rise in one-person corporations drove the overall increase among small and medium-sized corporations. By workforce size, one-person corporations numbered 6,666,023, up 225,754 (3.5%) from a year earlier. In contrast, corporations with two or more employees fell by 25,117 (1.4%) to 1,833,529 from a year earlier.
By organizational form, sole proprietorships totaled 7,411,042, up 167,506 (2.3%) from the prior year, while incorporated corporations rose by 33,131 (3.1%) to 1,088,510.
By industry, the number of corporations increased in wholesale and retail (38,232, 1.7%), real estate (31,651, 2.6%), electricity, gas and steam (26,511, 15.8%), professional, scientific and technical services (20,934, 6.3%), and other personal services (20,328, 4.7%). In contrast, manufacturing decreased by 5,715 (0.9%), business facilities management fell by 3,305 (1.7%), and accommodation and food services declined by 1,770 (0.2%).
Sales increased in 12 industries, including manufacturing (940 billion won, 1.1%), transportation and warehousing (810 billion won, 5.6%), and health and social welfare (780 billion won, 8.6%). In contrast, sales fell in six industries, including construction by 1.15 trillion won (3.2%) and real estate by 710 billion won (6.7%).
By region, the growth of small and medium-sized corporations in the greater Seoul area outpaced that in non-capital regions. Small and medium-sized corporations in Seoul, Gyeonggi and Incheon totaled 4,477,130, up 114,951 (2.6%) from a year earlier. Those in non-capital regions rose by 85,686 (2.2%) to 4,022,422.
The aging of SME representatives was also pronounced. Small and medium-sized corporations with representatives in their 60s or older numbered about 2,693,000, accounting for 31.7% of the total, the highest share among age groups. They were followed by those in their 50s at 27.7% and those in their 40s at 22.3%.