Is a $40,000 per capita income within reach? BOK says it could get close this year
- Input
- 2026-06-09 15:10:32
- Updated
- 2026-06-09 15:10:32
According to the BOK on the 9th, per capita GNI for 2025 was tentatively estimated at $36,963. That was up 0.3% from the previous year’s $36,857, and amounts to 52.57 million won when converted into local currency.
Per capita GNI is an indicator calculated by dividing nominal GNI — nominal GDP plus net factor income from abroad — by the estimated population. It offers a gauge of living standards per person.
Per capita GNI first surpassed $30,000 in 2014, when it reached $30,798, and remained stuck in that range for 11 consecutive years through last year. A stronger dollar has been a restraining factor. When the won loses value against the dollar, the amount may rise in won terms, but it translates into a smaller figure in dollar terms. In 2022, for example, it rose 4.9% in won terms but fell 7.0% in dollar terms.
But strong nominal GNI results from the first quarter of this year have raised the likelihood of entering the $40,000 range. Nominal GNI in the first quarter reached 778.5 trillion won, up 11.0% from the previous quarter. That was the highest quarterly increase since the first quarter of 1976, when it rose 12.7%, and the year-on-year growth rate was even higher at 17.1%.
Kim Hwayong said, "If the current pace of nominal GNI growth continues, it could get close to $40,000 this year." He added, "Whether that target is achieved will depend on corporate earnings and the direction of the won–dollar exchange rate."
Earlier, during the March release of the 2025 fourth-quarter and annual national income data, Kim said, "If we assume the exchange rate has no impact and per capita GNI grows 4.3% this year and next year, then it will exceed $40,000 in 2027."
taeil0808@fnnews.com Kim Tae-il Reporter