GDP per Capita · Data & Comparison
Korea GDP per Capita
South Korea's GDP per capita: how high, how fast, and how does it compare?
In 2024, South Korea's nominal GDP per capita was USD 36,238.64, while its GDP per capita at purchasing power parity (PPP) stood at USD 61,968.41. That gap of roughly USD 25,730 reflects the lower relative prices of non-traded goods and services in Korea compared with the United States, the benchmark economy for PPP conversion. The nominal figure places Korea just above the threshold of advanced economies, while the PPP measure indicates that the average Korean resident can purchase a basket of goods and services equivalent to what USD 61,968 would buy in the US. Over the long run, nominal GDP per capita has risen from USD 1,745.17 in 1980 to the 2024 level, a more than twentyfold increase. The 1980s alone saw growth of 243.2 per cent, the fastest decade on record. By the 2020s, growth had slowed to 7.7 per cent over five years. This page examines the current figures, the historical trajectory, the underlying drivers, and how Korea compares with peers.
What is GDP per capita (nominal)?
GDP per capita is a country's GDP divided by its midyear population. It is the most common shorthand for average income or output per person.
How it is measured. Nominal GDP in current US dollars divided by midyear population. Because it uses market exchange rates, it ignores price-level differences between countries and says nothing about how income is distributed.
How to read it. Use it to compare average economic output per person. A high value can reflect high productivity or a small population with large resource or financial income, and it is not the same as median household income.
Source: World Bank WDI. See our methodology.
Current GDP per capita: nominal versus PPP
Nominal GDP per capita in 2024
South Korea's nominal GDP per capita reached USD 36,238.64 in 2024, up from USD 33,649.49 in 2020. The 2020s decade to date shows a mean of USD 35,580.62 and a growth rate of 7.7 per cent across five data points, the weakest decade expansion in the series. Nominal GDP for 2024 stood at USD 1.875 trillion, against USD 1.744 trillion in 2020, a 7.5 per cent increase. The gap between the 2024 per capita figure and the 2020 starting value is USD 2,589.15.
PPP GDP per capita in 2024
Purchasing power parity GDP per capita for 2024 was USD 61,968.41, compared with USD 47,881.49 in 2020. The 2020s mean is USD 55,363.23, and growth across the five years is 29.4 per cent. The PPP measure exceeds the nominal figure by USD 25,729.77, a ratio of roughly 1.71 to 1. That ratio reflects the lower price level for non-traded goods and services in South Korea relative to the United States, which is the reference economy for the PPP conversion.
What each measure captures
Nominal GDP per capita converts output at prevailing market exchange rates and is the figure used for cross-border income comparisons, debt ratios and dollar-denominated thresholds. PPP GDP per capita adjusts for price-level differences and indicates the volume of goods and services a resident can command domestically. South Korea's nominal 2024 value of USD 36,238.64 sits below the PPP value of USD 61,968.41 because the won's market rate understates domestic purchasing power. GNI per capita, at USD 36,750.00 in 2024, is close to the nominal GDP per capita figure, differing by USD 511.36.
Decade context for the divergence
The nominal series rose from USD 1,745.17 in 1980 to USD 5,989.21 in 1989, a 243.2 per cent gain. The PPP series over the same decade moved from USD 2,199.59 to USD 6,848.92, a 211.4 per cent gain. Nominal growth outpaced PPP growth in the 1980s, but the relationship reversed in later decades. In the 2010s nominal GDP per capita grew 40.5 per cent while PPP grew 42.4 per cent. In the 2020s to date, nominal growth of 7.7 per cent compares with PPP growth of 29.4 per cent, a spread of 21.7 percentage points.
Recent trajectory
Nominal GDP per capita peaked at USD 37,518.46 within the 2020s window and fell to USD 36,238.64 in 2024. PPP GDP per capita peaked at its latest value of USD 61,968.41, indicating no comparable decline in the PPP series. Real GDP growth was 2.00 per cent in 2024, following a contraction of 0.70 per cent in 2020 and a 4.61 per cent expansion at the 2020s maximum. The 2020s mean real growth rate is 2.05 per cent, against 3.47 per cent in the 2010s.
- Nominal GDP per capita 2024: USD 36,238.64
- PPP GDP per capita 2024: USD 61,968.41
- GNI per capita 2024: USD 36,750.00
- Nominal 2020s growth: 7.7 per cent
- PPP 2020s growth: 29.4 per cent
South Korea GDP per capita, nominal and PPP, selected years
| Year | Nominal GDP per capita (USD) | PPP GDP per capita (USD) | PPP/nominal ratio |
|---|---|---|---|
| 1980 | 1745.17 | 2199.59 | 1.26 |
| 1990 | 6812.89 | 8154.18 | 1.20 |
| 2000 | 12713.64 | 18334.51 | 1.44 |
| 2010 | 24070.17 | 32661.18 | 1.36 |
| 2024 | 36238.64 | 61968.41 | 1.71 |
The long arc: GDP per capita by decade since 1980
The long arc: GDP per capita by decade since 1980
South Korea's nominal GDP per capita rose from USD 1,745 in 1980 to USD 36,239 in 2024, a twenty-fold increase across 45 data points. The fastest proportional advance occurred in the 1980s, when the series climbed 243.2 per cent from USD 1,745 to USD 5,989. That decade set the template for the following four: each recorded positive growth, though at a decelerating rate. Nominal GDP itself expanded 282.1 per cent over the same 1980s window, from USD 66.5 billion to USD 254.2 billion.
1980s to 1990s: from take-off to the Asian crisis
The 1990s opened at USD 6,813 and closed at USD 11,060, a gain of 62.3 per cent. The decade mean of USD 10,232 exceeded the 1980s maximum of USD 5,989. Peak nominal GDP per capita for the period was USD 13,865, reached before the 1997 Asian financial crisis, which pushed the 1990s minimum growth rate to negative territory at -4.94 per cent in 1998. PPP GDP per capita followed a similar path, rising 103.3 per cent across the 1990s from USD 8,154 to USD 16,581.
2000s: recovery and the global financial crisis
Nominal GDP per capita began the 2000s at USD 12,714 and ended at USD 19,935, a 56.8 per cent increase. The decade maximum of USD 25,077 was recorded in 2007, before the global financial crisis cut the 2009 growth rate to 0.82 per cent, the lowest annual figure of the 2000s. PPP GDP per capita rose 65.3 per cent over the same period, from USD 18,335 to USD 30,314. GNI per capita doubled, from USD 11,460 to USD 22,960, a 100.3 per cent gain.
2010s: slower growth, higher base
The 2010s delivered a 40.5 per cent rise in nominal GDP per capita, from USD 24,070 to USD 33,827. The decade mean of USD 29,945 was 65.7 per cent above the 2000s mean of USD 18,071. Annual GDP growth averaged 3.47 per cent, down from 4.92 per cent in the 2000s. PPP GDP per capita advanced 42.4 per cent, from USD 32,661 to USD 46,511, and GNI per capita rose 53.9 per cent to USD 35,790. The 2019 nominal figure of USD 33,827 stood 6.6 per cent below the decade peak of USD 35,364.
2020s: the pandemic and the plateau
The 2020s opened with a 0.70 per cent GDP contraction, the first annual decline since 1998. Nominal GDP per capita nevertheless rose from USD 33,649 in 2020 to USD 36,239 in 2024, a gain of 7.7 per cent across five years. The 2024 figure sits 3.4 per cent below the 2020s maximum of USD 37,518. PPP GDP per capita reached USD 61,968 in 2024, up 29.4 per cent from USD 47,881 in 2020, and GNI per capita stood at USD 36,750, a 5.0 per cent increase over the same five-year span.
Turning points
- 1980s: highest decade growth at 243.2 per cent nominal, 211.4 per cent PPP.
- 1998: GDP growth of -4.94 per cent, the first contraction in the series.
- 2009: growth of 0.82 per cent, the weakest non-crisis year of the 2000s.
- 2020: contraction of 0.70 per cent, followed by a 7.7 per cent nominal gain to 2024.
Decadal growth in South Korea GDP per capita, nominal and PPP
| Decade | Nominal growth (%) | PPP growth (%) | Nominal end value (USD) | PPP end value (USD) |
|---|---|---|---|---|
| 1980s | 243.2 | 211.4 | 5989.21 | 6848.92 |
| 1990s | 62.3 | 103.3 | 11059.61 | 16581.04 |
| 2000s | 56.8 | 65.3 | 19935.16 | 30313.78 |
| 2010s | 40.5 | 42.4 | 33826.94 | 46511.22 |
| 2020s (to 2024) | 7.7 | 29.4 | 36238.64 | 61968.41 |
What drives South Korea's income per person
Chaebol concentration and capital intensity
South Korea's GDP per capita reached USD 36,238.64 in 2024, up from USD 1,745.17 in 1980, a 20-fold increase across 45 annual observations. A large share of that output is produced by a small number of chaebol groups, with the top ten conglomerates historically accounting for roughly half of total market capitalisation and a comparable share of exports. Gross domestic product stood at USD 1.875 trillion in 2024, against USD 66.53 billion in 1980. Capital deepening within these groups lifted output per worker, though it also concentrated cyclical risk in a limited set of firms and sectors.
Semiconductor dependence
Semiconductors are South Korea's largest single export category, and memory chips in particular tie the income cycle to global technology demand. GDP growth averaged 9.01 per cent in the 1980s and 7.43 per cent in the 1990s, but slowed to 4.92 per cent in the 2000s and 3.47 per cent in the 2010s. The 2020s mean is 2.05 per cent, with a contraction of 0.70 per cent in 2020 and 2.00 per cent growth in 2024. Chip price cycles now transmit directly into quarterly output, so a single industry's inventory correction can move national income per head by several percentage points.
Demographics and household debt
South Korea's total fertility rate fell below 0.75 in recent years, among the lowest recorded nationally. The working-age population peaked around 2020, and the 2020s decade shows GDP per capita growth of just 7.7 per cent across five years, against 40.5 per cent across the 2010s. Household debt exceeds 100 per cent of GDP, the highest ratio among major economies, which constrains consumption growth. GNI per capita rose only 5.0 per cent across the 2020s to USD 36,750.00, a slower pace than the 53.9 per cent recorded in the 2010s.
Trade dynamics and external exposure
Exports of goods and services account for roughly 40 per cent of GDP, leaving income per person sensitive to terms-of-trade shocks and partner-country demand. The 1997 Asian financial crisis cut growth to minus 4.94 per cent in 1998, and the 2008 global financial crisis reduced 2009 growth to 0.82 per cent. GDP per capita in PPP terms reached USD 61,968.41 in 2024, well above the nominal figure, reflecting lower domestic price levels for non-traded goods. That gap of roughly USD 25,730 indicates that purchasing-power income exceeds the dollar headline by about 71 per cent.
Structural outlook
- Nominal GDP per capita: USD 36,238.64 (2024), from USD 33,649.49 in 2020.
- PPP GDP per capita: USD 61,968.41 (2024), mean of USD 55,363.23 across the 2020s.
- Real GDP growth: 2.00 per cent (2024), against a 2020s mean of 2.05 per cent.
- GNI per capita: USD 36,750.00 (2024), a 5.0 per cent rise over the decade to date.
These figures place South Korea in the high-income group, but the 2020s growth rate of 7.7 per cent in GDP per capita is the weakest of any decade in the series. Sustaining income per head now depends less on capital accumulation than on productivity gains in services, on managing chaebol concentration, and on offsetting a shrinking labour force.
South Korea GDP per capita and GDP growth, 2010-2024
| Year | GDP per capita (USD) | GDP growth (%) |
|---|---|---|
| 2010 | 24070.17 | 6.98 |
| 2015 | 28732.68 | 2.79 |
| 2019 | 33826.94 | 2.31 |
| 2020 | 33649.49 | -0.70 |
| 2024 | 36238.64 | 2.00 |
How South Korea compares and what GDP per capita misses
Comparisons with peer economies
South Korea's GDP per capita of USD 36,238.64 in 2024 places it below the United States and above Spain, but the gap to Japan has narrowed sharply since 1980, when Korea stood at USD 1,745.17 against a Japanese level several times higher. In purchasing power parity terms the 2024 figure is USD 61,968.41, reflecting lower domestic price levels. Korea's 2024 nominal GDP of USD 1.875 trillion is roughly one tenth of the United States total, while its population of about 51.7 million is roughly one sixth.
GNI per capita as a cross-check
Gross national income per capita reached USD 36,750.00 in 2024, slightly above the GDP measure. The two series track closely across five decades: GNI rose from USD 1,910.00 in 1980 to USD 5,550.00 in 1989, then to USD 10,820.00 in 1999, USD 22,960.00 in 2009 and USD 35,790.00 in 2019. The 2020s decade shows GNI growth of 5.0 per cent against GDP per capita growth of 7.7 per cent, a divergence that partly reflects terms of trade and net factor income flows rather than domestic production alone.
What GDP per capita omits
GDP per capita divides total output by total population, so it says nothing about how income is distributed. Korea's Gini coefficient and relative poverty rate among the elderly are high by OECD standards, and the 2024 average of USD 36,238.64 masks wide variation across age cohorts and employment types. Non-regular workers, self-employed traders and retirees often earn far less than the average. The metric also excludes unpaid household work, environmental degradation and informal activity, all of which affect actual living standards.
Distribution and household income
Household disposable income has grown more slowly than GDP per capita in recent decades. Between 2010 and 2019 GDP per capita rose 40.5 per cent, from USD 24,070.17 to USD 33,826.94, yet real household income gains lagged, partly because a rising share of national income accrued to capital and to export-oriented firms. The 1997 Asian financial crisis and the 2008 global recession both left lasting marks on labour market dualism, with youth unemployment and precarious work persisting even as headline output recovered.
Limits of the comparison
Cross-country comparisons also depend on exchange rates and base years. Korea's nominal GDP per capita fell in USD terms during the 1997 to 1998 crisis and again in 2008 to 2009, when the value dropped from USD 25,076.89 in 2008 to USD 19,935.16 in 2009, a decline driven largely by currency movement rather than output collapse. PPP measures smooth some of this, but they rest on price surveys that can misstate services. GDP growth in the 2020s has averaged 2.05 per cent, so per capita gains will depend increasingly on productivity and demographics rather than headline expansion.
- Nominal GDP per capita, 2024: USD 36,238.64
- PPP GDP per capita, 2024: USD 61,968.41
- GNI per capita, 2024: USD 36,750.00
- GDP growth, 2024: 2.00 per cent
South Korea GNI per capita and GDP per capita, selected years
| Year | GNI per capita (USD) | GDP per capita (USD) | Difference (USD) |
|---|---|---|---|
| 1980 | 1910.00 | 1745.17 | 164.83 |
| 1990 | 6660.00 | 6812.89 | -152.89 |
| 2000 | 11460.00 | 12713.64 | -1253.64 |
| 2010 | 23250.00 | 24070.17 | -820.17 |
| 2024 | 36750.00 | 36238.64 | 511.36 |
Frequently asked questions
What is South Korea's GDP per capita in current US dollars?
South Korea's GDP per capita was approximately USD 33,100 in 2023, according to IMF estimates. In 2022, the figure stood at about USD 32,400. The won-denominated measure rose faster than the dollar measure in 2023 because the average KRW/USD rate moved from roughly 1,292 to 1,306. Nominal GDP was around USD 1.71 trillion in 2023, against USD 1.67 trillion in 2022. The 2023 level placed South Korea roughly 30th globally, below Japan and above Spain. Real GDP per capita, adjusted for inflation, grew about 1.4% in 2023, slower than the 2.6% recorded in 2022.
Is South Korea's GDP per capita growing or shrinking?
South Korea's GDP per capita has grown in real terms in most years since 1960, but the pace has slowed sharply. Real GDP per capita expanded 1.4% in 2023 and 2.6% in 2022. In current US dollars, the measure fell from a peak of about USD 35,100 in 2021 to roughly USD 32,400 in 2022, then recovered to about USD 33,100 in 2023. The 2022 dollar decline reflected a weaker won, which averaged 1,292 per dollar versus 1,144 in 2021. Nominal GDP in won terms still rose, from KRW 2,086 trillion in 2021 to KRW 2,161 trillion in 2022.
How does South Korea's GDP per capita compare with Japan and Taiwan?
South Korea's GDP per capita of about USD 33,100 in 2023 exceeded Japan's roughly USD 33,900 by a narrow margin in some estimates, though Japan remained slightly higher in others. Taiwan recorded about USD 32,300 in 2023. South Korea first surpassed Japan on this measure in 2022, when it reached USD 32,400 against Japan's USD 34,000. The gap has narrowed from USD 10,000 in 2010. In purchasing power parity terms, South Korea reached about USD 54,000 in 2023, compared with Japan's USD 51,000 and Taiwan's USD 73,000. Taiwan's PPP lead reflects lower domestic prices rather than higher nominal output.
What was South Korea's GDP per capita when it joined the OECD?
South Korea joined the OECD in 1996, when GDP per capita was about USD 13,400 in current dollars. That was roughly 45% of the OECD average at the time. By 2023, the figure had reached about USD 33,100, or close to 90% of the OECD average. Nominal GDP rose from USD 610 billion in 1996 to USD 1.71 trillion in 2023. The 1997 Asian financial crisis cut dollar GDP per capita to about USD 8,000 in 1998, before recovery lifted it above USD 12,000 in 2000. The 1996 to 2023 period thus delivered average annual dollar growth of about 3.4%.
Why did South Korea's GDP per capita fall in 2022 in dollar terms?
South Korea's GDP per capita fell from about USD 35,100 in 2021 to USD 32,400 in 2022, a drop of roughly 7.7%. The decline was driven mainly by currency movement, not output contraction. The won averaged 1,292 per US dollar in 2022, against 1,144 in 2021, a depreciation of about 13%. Real GDP still grew 2.6% in 2022. Nominal GDP in won rose from KRW 2,086 trillion to KRW 2,161 trillion. When converted at the weaker rate, that gain shrank in dollar terms. A similar pattern occurred in 2008 and 2015, when won weakness reduced the dollar measure despite positive real growth.
What is South Korea's GDP per capita at purchasing power parity?
South Korea's GDP per capita at purchasing power parity was about USD 54,000 in 2023, up from USD 51,000 in 2022. The PPP measure exceeds the nominal dollar figure of USD 33,100 because domestic prices for non-traded goods are lower than in the United States. The ratio of PPP to nominal GDP per capita was roughly 1.63 in 2023. In 2000, PPP GDP per capita was about USD 16,000 against a nominal USD 12,300. The PPP measure placed South Korea around 30th globally in 2023, close to Japan at USD 51,000 and below Taiwan at USD 73,000. Real growth of 1.4% in 2023 lifted the PPP figure modestly.