Last year, South Korea's per capita Gross National Income (GNI) stood at $36,963, remaining in the $36,000 range for the third consecutive year. Although the country fell behind Japan and Taiwan again, a significant increase in national income during the first quarter of this year has raised the possibility of reaching the $40,000 milestone sooner than previously expected.
According to the Bank of Korea's report released on June 9, the per capita GNI for last year increased by 0.3% compared to the previous year, amounting to $36,963. In Korean won, this translates to 52.57 million won, reflecting a 4.6% increase.
While this figure is slightly higher than the per capita GNI of $36,855 reported in March for the fourth quarter of 2025, the growth rate remained unchanged at 0.3%.
Per capita GNI is calculated by dividing the total income earned by the population, both domestically and internationally, by the number of people. It serves as a key economic indicator of national purchasing power and living standards.
South Korea's per capita GNI has remained above the $30,000 mark for 12 years. After first surpassing this threshold in 2014 with $30,798, it peaked at $37,898 in 2021 before declining to the $35,000 range due to the depreciation of the won, and has since stabilized in the $36,000 range since 2023.
In 2023 and 2024, South Korea outperformed both Japan and Taiwan. By 2024, it ranked sixth among countries with populations over 50 million, following the United States, Germany, the United Kingdom, France, and Italy. However, by 2025, it was projected to be surpassed by Japan and Taiwan, with Taiwan's GNI estimated at $40,626 and Japan's at $38,000 last year.
Nevertheless, the strong growth in GNI during the first quarter of this year has heightened expectations for surpassing the $40,000 mark. The real GNI growth rate for the first quarter was 9.2%, marking the highest level on record. In March, the Bank of Korea had projected that the $40,000 target would be reached by 2028.
Kim Hwa-yong, head of the Bank of Korea's National Income Division, stated, "If the current nominal growth trend continues, per capita GNI is expected to approach $40,000 this year. It is clear that the possibility of reaching this goal sooner than 2028 has increased, and it will ultimately depend on future corporate performance and the direction of the won-dollar exchange rate."
* This article has been translated by AI.
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