Business · Economy · 3 hrs ago
Only 16.9% of South Koreans moved up an income group in 2024
Only 16.9% of South Koreans moved up an income group in 2024, the lowest share since the statistics began in 2017.
The groups divide people aged 15 and older into five equal bands based on income, and only 33% of people with income changed groups between 2023 and 2024.
The data agency said workers received a smaller share of income as company earnings grew faster: the labor income share fell to 67.4%, even as economic growth rose to 2.2%.
Most people at both ends of the income scale stayed put: 86.5% of the highest-income group and 70.7% of the lowest-income group remained in the same group.
Among people aged 15 to 39, the share moving up fell to 22.4%, with an official pointing to fewer young people entering high-paying jobs.
The figures suggest that economic growth is not translating into greater income mobility for many people.
Only 16.9% of South Koreans moved to a higher income group in 2024, the lowest share since records began in 2017.
The National Data Agency reported that 33% of people with income changed income groups between 2023 and 2024, down from 34.1%.
The agency linked slower income mobility to companies’ share of income growing faster than workers’ share.
The labor income share fell to 67.4% in 2024 from 68.8% a year earlier, despite faster economic growth.
Young people aged 15 to 39 also saw less upward mobility, with the share moving up falling to 22.4%.
- Who
- South Koreans covered by the income mobility statistics, including people aged 15 and older.
- What
- 16.9% moved to a higher income group in 2024, the lowest share since records began in 2017.
- When
- 2024, compared with 2023.
- Where
- South Korea.
- Why
- The National Data Agency cited companies’ share of income growing faster than workers’ share. Its official said fewer young people were entering high-income jobs.
This story does not have two clearly opposing sides.
Income mobility statistics began to be published.
Upward mobility rebounded after the effects of the COVID-19 pandemic.
33% of people with income changed income groups, down from 34.1% in the previous year.
16.9% moved to a higher income group, the lowest share since records began.
The National Data Agency released its income mobility statistics.
- Upward mobility in 2024
- 16.9%
- People changing income group, 2023–2024
- 33%
- Labor income share
- 67.4%, down from 68.8%
- Real economic growth
- 2.2%, up from 1.5%
- Youth upward mobility
- 22.4%, down 0.6 percentage points
What people are saying
고소득 일자리에 들어가는 청년들이 예전만큼 많지 않은 상황