The report explained that South Koreans regard themselves as in the middle class only when they rank within the upper 20 percent in terms of net assets. (image: KobizMedia/ Korea Bizwire)
SEOUL, July 2 (Korea Bizwire) — A recent survey revealed that South Koreans define the middle class as households with more than 700 million won (US$582,300) in assets.
According to the “2020 Middle Class Report” released on Wednesday by NH Investment & Securities Co.’s 100-Year-Old Research Institute, a majority of respondents replied that four-person households should have about 770 million won in assets to meet the standards for the middle class.
The report was based on a survey conducted on 1,349 South Koreans between 30 to 50 years of age.
In reality, however, households with 770 million won in assets belong to the upper 20 percent of households.
The report explained that South Koreans regard themselves as in the middle class only when they rank within the upper 20 percent in terms of net assets.
The respondents also said that four-person households should have a monthly income of about 6.22 million won and a monthly consumption of 3.95 million won to be regarded as the middle class.
Among the households that participated in the survey, however, the actual monthly income and consumption level of the middle class households earning anywhere between 75 percent and 200 percent of the nation’s median income averaged 4.88 million won and 2.27 million won, respectively.
Four out of 10 middle class households said they regarded themselves not as part of the middle class, but rather the lower class.
M. H. Lee (mhlee@koreabizwire.com)
