Top 1% Earns W15 Mil. a Month(The Korea Times)

The disproportate wealth of rich and poor in Korea has been widening, but it has a long way to go until it reaches the levels in the US, where the average CEO earns, on average, 400 times what the average worker makes.

Top 1% Earns W15 Mil. a Month(The Korea Times): "According to reports, the top 1 percent of households make some 182.8 million won a year, or 15 million won a month, and spend around 7 million won monthly. Other statistics presented by Rep. Lee Hahn-koo of the conservative Grand National Party showed that they have 2.3 billion won in net assets on average. These top 1 percent owned 95.8 percent of golf and other sports facilities memberships, and 59.8 percent of stocks that belong to individual investors.

The average heads of these super rich households were in their 40s with degrees in engineering. Smart students shun engineering these days as more of them choose medicine and law, but the statistics showed that 44 percent of the super rich dads and moms majored in engineering. Over half of these top 1 percent had degrees from junior colleges or higher, much higher than the 32.5 percent national average.

...According to statistics cited by the lawmaker, the top 20 percent of households had 826.8 million won in assets, which is 171.5 times the 4.8 million won in average assets of the bottom 20 percent."

No word yet how many in the top bracket majored in history...


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