Even elite professions split into haves and have-nots

Many young South Koreans dream of becoming lawyers, doctors or accountants, seeing the professions as a way to guarantee financial security and prestige.

However, recent data from the National Tax Service reveals that the career prospects in these fields may not be as rosy as they seem. There are significant income disparities within these coveted professions, with the top 10 percent raking in up to 80 percent of the total income in certain fields.

According to the data, made public Monday by Rep. Park Sung-hoon of the ruling People Power Party, lawyers had among the most lopsided income distributions. In the legal sector, 9,045 entities, comprising private practices and law firms, reported a total gross income of 8.7 trillion won (about $6.44 billion) last year. The top 10 percent accounted for 77 percent of this amount.

Nearly a quarter of private practices and firms -- 22 percent -- reported monthly incomes below 4 million won ($2,960), with 697 reporting no income at all.

Similar patterns were observed in accounting. The average accountant earned 444 million won ($328,560), but 79.8 percent of the gross income was concentrated among the top 10 percent. One in 10 accountants -- 9.8 percent -- reported monthly incomes below 4 million won.

Other licensed professions showed comparable levels of income concentration. For certified architects and appraisers, the top 10 percent captured 71.7 percent and 68.7 percent of total earnings, respectively.

The average annual income of all workers in South Korea stood at 42.4 million won ($31,376) in 2022.