Physician income has surged at an impressive rate, outpacing other leading professions, such as lawyers. (Image courtesy of Korea Bizwire)
SEJONG, Oct. 30 (Korea Bizwire) – A recent study has shed light on the substantial income growth within the field of medicine, often perceived as a high-paying profession. In the past seven years, physician income has surged at an impressive rate, outpacing other leading professions, such as lawyers.
Compared to lawyers, who are traditionally considered to be employed in a lucrative profession, physicians have experienced an income growth rate that is over four times faster. This remarkable surge in income stands out as the highest among member countries of the Organization for Economic Cooperation and Development (OECD) and ranks first globally.
This data is derived from an analysis of the National Tax Service’s Comprehensive Income Tax Return and the OECD’s Health Statistics for the year 2023.
According to data released by the National Tax Service and other sources, the average income in 2021 for medical professionals, including doctors, oriental medicine practitioners, and dentists was 269 million won. This figure represents a noteworthy increase from 2014 when the statistics were first compiled, with a growth of 96 million won, equivalent to a substantial 55.5 percent jump over seven years.
What is even more striking is the contrast with incomes in the legal profession. The average income for lawyers increased by 13 million won, a growth rate of 12.7 percent, during the same period, rising from 102 million won in 2014 to 115 million won in 2021. This growth rate is only one-fifth of that seen in the medical profession, which further widened the income gap from 60 percent of medical income in 2014 to 40 percent in 2020.
It’s worth noting that the growth in the number of doctors has been notably restrained due to market structure limitations arising from quotas for admission to medical school, in stark contrast to the substantial growth in the number of lawyers.
Furthermore, it’s noteworthy that this rapid income growth in the medical field is not limited to South Korea. Internationally, the OECD’s Health Statistics for 2023 reveal that the annual wage income of salaried specialists working in hospitals and clinics in South Korea increased by an impressive 42 percent, rising from $136,104 in 2010 to $192,749 in 2020. These figures have been adjusted for inflation and are expressed using purchasing power parity (PPP) exchange rates, which can differ from actual salary levels.
This surge in wage income has elevated South Korea to the top of the income charts, its highest level since 2010, when it ranked fifth among OECD countries. Notable countries that follow South Korea in terms of wage income include the Netherlands ($192,264), Germany ($188,149), Ireland ($165,727), the United Kingdom ($155,419), and Denmark ($151,150).
J. S. Shin (js_shin@koreabizwire.com)
