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| How close are you to being in the top 20% of the richest in Korea? |
| I am there |
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17% |
[ 6 ] |
| I am within 1 million won |
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14% |
[ 5 ] |
| I am within 1 to 2 million won |
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0% |
[ 0 ] |
| I am within 2 to 3 million won |
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23% |
[ 8 ] |
| I wish I was even close. |
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44% |
[ 15 ] |
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| Total Votes : 34 |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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 Posted: Fri May 23, 2008 2:15 pm Post subject: Some of us are in the top 20% of Korea |
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http://www.koreatimes.co.kr/www/news/biz/2008/05/123_24649.html
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The income gap between the rich and poor has widened to a record level this year as low-income households are facing a harder time making ends meet amid the economic slowdown.
While income growth has slowed on the sluggish job market, families are being forced to pay more for goods and services as a result of the soaring prices of international crude oil and other raw materials.
According to the National Statistical Office (NSO) Friday, the top 20 percent of the richest households nationwide earned 8.41 times more than that of the poorest 20 percent in the January to March period, up from 8.4 a year earlier. It marks the greatest income disparity since the statistical office began compiling this data in 2003.
The monthly income of the top 20 percent averaged 7.3 million won, up 4.7 percent from a year ago, while the bottom 20 percent made 870,000 won, an increase of 4.6 percent over the one-year period.
The average monthly household income rose 5 percent to 3.4 million won in the first quarter from the same period last year. But on an inflation-adjusted basis, income increased only 1.2 percent to 3.17 million won, weighed down by surging consumer prices.
``The earnings of low-income households normally grows at a faster rate than those of high-income ones. But the ongoing stagnant job market has had a more severe impact on poorer households that depend more heavily on salaries for their living,'' an NSO official said.
In the first quarter, there were 123,000 less temporary positions across the country compared to the previous year as businesses made redundancies in order to cope with deteriorating business conditions.
Meanwhile, soaring oil and other commodity prices have worsened household finances, forcing families to spend more on various goods and services.
Korean households spent an average of 2.42 million won per month from January to March, up 5.3 percent from a year ago, a direct result of these higher costs.
Spending on auto fuel and other utilities increased 14.6 percent because of higher crude oil prices. Meanwhile, families had to pay 12.6 percent more, compared with the previous month, in taxes, pensions and other social security-related costs.
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So basically, if you have two working people in the household and are making pretty good cash, then you may just be in that top 20% of the richest in Korea. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Fri May 23, 2008 3:21 pm Post subject: |
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| The household I live in(my wife and I) are above that 7 million threshold but we still live pretty simply, my wife has a good-paying governemnt job and I working my ass off to make that though.....nice apartment but we are not really consumers. The bank account loves it though... |
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Col.Brandon
Joined: 09 Aug 2004
Location: Seoul
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| Posted: Fri May 23, 2008 4:26 pm Post subject: |
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| I'm there. It's pretty straightforward to achieve that if you are professional and build up a good network of contacts. |
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saw6436
Joined: 16 Jan 2003
Location: Daejeon, ROK
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| Posted: Fri May 23, 2008 5:13 pm Post subject: |
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| Between the wife and I we are there. |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Fri May 23, 2008 5:27 pm Post subject: |
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| Our household is there too but I certainly don't feel rich. |
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madoka
Joined: 27 Mar 2008
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| Posted: Fri May 23, 2008 10:33 pm Post subject: |
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| Just as a comparison, I recently read a newspaper article about the average household income for Orange County is over $70,000. |
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Jeju Rocks
Joined: 23 Aug 2004
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| Posted: Fri May 23, 2008 10:44 pm Post subject: |
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I may not be the richest here but I do know that I am the best air hockey player in the world.  |
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ryouga013
Joined: 14 Sep 2007
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| Posted: Fri May 23, 2008 10:55 pm Post subject: |
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| definitely not there |
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shaunew
Joined: 17 Apr 2007
Location: Calgary
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| Posted: Fri May 23, 2008 11:17 pm Post subject: |
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| My household is there as well. Just 4 years ago I was down to my last few dollars and homeless in Korea. Thanks to a very bad boss and my hot temper. How things change. |
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cheeseface
Joined: 13 Jan 2008
Location: Ssyangnyeon Shi
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| Posted: Fri May 23, 2008 11:27 pm Post subject: |
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Getting close, not there just yet. 
Will be next year though.
My wife makes the lions share of our income 
Last edited by cheeseface on Fri May 23, 2008 11:46 pm; edited 1 time in total |
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BS.Dos.
Joined: 29 Mar 2007
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| Posted: Fri May 23, 2008 11:38 pm Post subject: |
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| Great. Another thread that gives all the bullshitters an opportunity to fantasize about how much money they're not making. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Sat May 24, 2008 12:50 am Post subject: |
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| BS.Dos. wrote: |
| Great. Another thread that gives all the bullshitters an opportunity to fantasize about how much money they're not making. |
Households. Are you bitter? |
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BS.Dos.
Joined: 29 Mar 2007
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| Posted: Sat May 24, 2008 1:06 am Post subject: |
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| ^Very. |
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lucas_p
Joined: 17 Sep 2007
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| Posted: Sat May 24, 2008 1:25 am Post subject: |
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| Yeah, it is not so hard as a household to be making 7.3 a month. We do it, too. But we have enough stuff to pay off, it sure doesn't feel like we have money to spend... |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Sat May 24, 2008 1:47 am Post subject: |
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| My GF and I average about 7 a month, but her's fluctuates month to month, so there have been a couple of times we've been over and a couple we've been under 7. |
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