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Super-rich Koreans Make 248 Times More than Middle-income Earners

Written: 2017-10-20 15:01:29Updated: 2017-10-20 15:10:11

Super-rich Koreans Make 248 Times More than Middle-income Earners

Korea's richest zero-point-one percent earn 248 times as much as middle income-earners, according to a finance ministry report submitted to parliament on Friday.
 
Kim Doo-kwan, a ruling party lawmaker who received the report, said the top-earning zero-point-one percent of Koreans, some five-thousand-480 people, made an average of two-point-seven billion won in 2015.
 
The income disparity between middle and high-income households has been widening every year, with the super-rich making 240-point-five times more than middle-class citizens in 2013, to 241-fold the following year.
 
Kim said that the report makes the case for raising consumption tax on the super-rich.

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