Income Inequality in South Korea Exacerbated

It has been found that South Korea ranked second among major countries in terms of the ratio of the income of the top 10% of the population to that of the entire population.

The National Assembly Research Service of South Korea announced on September 4 that the ratio amounted to 44.9% in 2012 in the case of South Korea while it was 47.8% during the same period in the case of the United States. The rankings are based on the World Top Incomes Database and IMF data.
 

“This implies that most of the fruit of South Korea’s economic growth went to the top 10% of the population through the currency crisis in the late 1990s and the financial crisis in the late 2000s,” the research agency explained.