One would have to have an annual income of 360 million won ($306,252) to be in the top 0.1 percent rank, a social segment made up mostly of CEOs, business owners and doctors, a report said Tuesday.
By individual group, shareholders were the top earners with an average 1.35 billion won.
The report, drawn up by researcher Hong Min-ki of the Korea Labor Institute, is based on an analysis of statistics from the National Tax Service and the Ministry of Employment and Labor from 2011-2014.
CEOs accounted for 28.7 percent of the top 0.1 percent segment, followed by doctors (22.2 percent), business owners (12.7 percent), shareholders (12.5 percent), financiers (7.2 percent), and real estate owners (4.3 percent), the report showed. Figures indicate that nearly 17 percent have joined the rank through unearned income from their owned stocks and property.
A group of professionals, ranging from doctors to scientists and engineers (0.9 percent), professors and private academy teachers (0.4 percent) and law specialists (1.9 percent) accounted for 32.6 percent.
Skilled workers (0.1 percent) were the only group included from the manufacturing sector.
Financiers were the second-highest income earners after shareholders with an average of 942 million won. Coming next were CEOs (938 million won), professors and private academy teachers (821 million won), and law specialists (769 million won).
The report drew comparisons with the United States, where the starkest difference was in the income status of doctors. In the US, doctors accounted for a much smaller 5.9 percent of the top income bracket compared to 22.2 percent in South Korea. By contrast, financiers accounted for 18 percent in the US and law specialists 7.3 percent, compared to the respective 7.2 percent and 1.9 percent for their South Korean counterparts.
The report put the criteria for the top 1 percent income earners at 119 million won. (Yonhap)
