“400 million won a year,” doctors are said to earn—3.8 times as much as lawyers. Just how much do the “top-earning” doctors make?

[Financial News] The average annual business income of doctors who reported income as sole proprietors was found to exceed 400 million won. That is 1.8 times the figure for dentists and 3.8 times that for lawyers. 

According to the “Status of Comprehensive Income Tax Returns by Industry for Professional Workers” data obtained from the National Tax Service (NTS) by Moon Jin-seok, a Democratic Party of Korea lawmaker on the National Assembly Planning and Finance Committee, the average business income per doctor for the 2024 tax year was 402 million won. However, the median income—the middle value when doctors’ incomes are ranked—was 264 million won, suggesting that some high-income doctors significantly pushed up the average. 
These statistics compile business income reported by sole proprietors in each profession. Business income is pre-tax income, calculated by subtracting necessary expenses such as labor costs and rent from gross revenue. The figures exclude earned-income taxpayers, including salaried doctors who receive only a salary, as well as corporate income, so they differ from the average income of professionals as a whole. Dentists and Korean medicine doctors, whose figures were compiled separately, are also excluded. 
As of 2024, doctors had the highest average business income among the 14 professional occupations surveyed. Next came dentists at 222 million won, accountants at 122 million won, Korean medicine doctors at 119 million won, lawyers at 106 million won, and pharmacists and Korean medicine pharmacists at 101 million won. They were followed by veterinarians (99 million won), tax accountants (82 million won), patent attorneys (80 million won), customs brokers (60 million won), certified appraisers (39 million won), judicial scriveners (32 million won), architects (30 million won), and labor attorneys (25 million won).

By year, doctors’ average business income rose gradually from 263 million won in 2017 to 291 million won in 2018 and 323 million won in 2019, before falling to 300 million won in 2020. It then increased to 354 million won in 2021 and 398 million won in 2022, declined to 378 million won in 2023, and rose again to 402 million won in 2024.
The number of doctors reporting business income rose 17.7%, from 37,140 in 2017 to 43,718 in 2024. The total business income they reported increased 79.9% over the same period, from 9.76392 trillion won to 17.563136 trillion won.
The statistics are compiled based on whether a person reported business income as a sole proprietor, not on their workplace affiliation. Those who run their own offices are included, as are lawyers affiliated with law firms if they file taxes as sole proprietors. However, people who receive a salary and only file an annual year-end tax settlement are excluded. The same criteria apply to other professionals, including doctors and accountants.
[email protected] Kim Hee-sun Reporter