Rich Continue to Prosper, Says Survey

      December 30, 2008 09:05

      Last year, the number of Koreans earning more than W100 million (US$1=W1,279) a year exceeded 100,000 for the first time while some 8,600 people pulled in over W500 million annually, up 27.6 percent from a year earlier.

      According to the "2007 Report on National Tax Statistics" released Monday, the number of workers who grossed more than W100 million in annual earnings was 101,036, comprising 0.8 percent of the 13.37 million working population. Average annual salary per worker was estimated at W25.15 million. High-income earners with more than W500 million of comprehensive income amounted to 8,626, up 1,868 or 27.6 percent from a year earlier.

      Those who registered for comprehensive taxation of financial income, levied on those earning more than W40 million, amounted to 61,475 people, up 25,551 people or 71.1 percent from a year ago. They earned an average of W158 million per person. An official at the National Tax Service said the number of those who registered for comprehensive taxation surged because of the prosperous stock market and the increase of fund investors last year.

      In terms of region, the average wage of workers in Ulsan, where many giant enterprises are based, was W31.51 million, the highest figure nationwide, whereas Incheon, the lowest, was merely W21 million.

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