Business · Economy · 3 hrs ago
Young people who moved to South Korea's capital region earned more by 2023
Young people who moved to South Korea’s capital region from elsewhere in 2018 had higher average incomes five years later than those who stayed.
Their average annual income in 2023 was 48.2 million won, compared with 46.94 million won for young people who stayed in the capital region and 43.29 million won for those who stayed elsewhere.
Their income rose quickly after moving, increasing by 26.4% in 2018 and 20.4% in 2019.
They earned more than those who stayed outside the capital region by 2019, and more than those who stayed in the capital region by 2021.
The figures point to differences in jobs and pay between the capital region and other parts of the country.
But the analysis does not establish that moving itself caused the income gains, because it did not match people on factors such as education, occupation or job changes.
The findings cover only young people with work or business income every year from 2017 to 2023, so those who stopped working during that period were not included.
Young people who moved from South Korea’s non-capital region to the capital region in 2018 had average annual income of 48.2 million won in 2023.
That was 1.26 million won more than young people who stayed in the capital region and 4.91 million won more than those who stayed outside it.
The movers’ average income rose sharply in their first two years after moving.
They first earned more than the group that stayed outside the capital region in 2019, then surpassed the group that stayed in the capital region in 2021.
The analysis does not establish that moving itself caused the income gains and excludes young people without work or business income in any year from 2017 to 2023.
- Who
- Young people who moved from outside South Korea’s capital region to the capital region.
- What
- Their average annual income in 2023 was higher than that of young people who stayed in either region.
- When
- The analysis covers income from 2017 to 2023, including moves made in 2018.
- Where
- South Korea’s capital region and non-capital regions.
- Why
- Not stated.
This story does not have two clearly opposing sides.
Young people who moved to the capital region the following year had average income of 2.166 million won.
The group moved to the capital region, and its average income rose to 2.738 million won.
The movers’ average income exceeded that of young people who remained outside the capital region.
The movers’ average income exceeded that of young people who remained in the capital region.
The 2018 movers’ average annual income reached 48.2 million won.
- 2018 movers’ income in 2023
- 48.2 million won
- Capital-region stayers’ income in 2023
- 46.94 million won
- Non-capital-region stayers’ income in 2023
- 43.29 million won
- Income growth for 2018 movers, 2017–2023
- 122.5%
- Study population
- Young people with work or business income in every year from 2017 to 2023