Korea's per capita gross national income (GNI) increased, but income satisfaction and the relative poverty rate worsened.
According to Quality of Life of the People 2025 published by the Ministry of Data and Statistics (MODS) on the 5th, real per capita gross national income in 2024 was 43.81 million won, up 3.5% (1.46 million won) from the previous year (42.35 million won). Per capita total income was flat in 2019–2020, fell in 2022, and has been rising again since.
Median household income also rose in tandem. This refers to the income of the household that sits exactly in the middle when all households in South Korea are lined up by income. Median household income in 2024 was 34.44 million won, up 770,000 won from the previous year (33.67 million won).
Although objective income levels improved, subjective satisfaction did not. Last year's income satisfaction was 28%, down 0.1 percentage point (p) from 2023 (28.1%). Income satisfaction is the share of respondents who answered "very satisfied" or "somewhat satisfied" on a five-point scale of how satisfied they are with their income. The share dissatisfied with their income was 37.6%. The data agency said, "Despite income growth, Koreans' income satisfaction remains very low."
Income inequality is deepening. The relative poverty rate, the share of the population at or below 50% of median disposable income, was 15.3% in 2024, up 0.4 percentage point from the previous year (14.9%). Compared with countries in the Organization for Economic Cooperation and Development (OECD), Korea's relative poverty rate is the ninth highest, and the relative poverty rate among those 66 and older (39.8%) is the third highest after Latvia and New Zealand.
Signs of slightly worsening inequality are also detected in housing. The share of households below the minimum housing standard was 3.8% in 2024, up 0.2 percentage point from the previous year (3.6%). This indicator measures the qualitative aspects of housing by reflecting various criteria, not only quantitative size but also whether there is a dedicated standing kitchen, a dedicated flush toilet, and a dedicated bath facility. Households below the minimum housing standard were relatively higher in the capital region.
Meanwhile, indicators generally improved in terms of the homeownership rate (57.4% in 2023 → 58.4% in 2024), commuting time, and satisfaction with the residential environment.