South Korea

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Inequality & Poverty in South Korea

South Korea has relatively low inequality in comparison to other nations. The Gini index for income inequality in year 2010 was 31, down from 35.8 in 2000 [1]. In contrast, a country with significantly higher inequality, South Africa, had a Gini index of 67.40 in 2006 [2]. At the lower end of the income inequality spectrum are the countries of Norway, Sweden, and Japan which had indexes of 25.79; 25; 24.85 respectively. [2] The poverty rate in South Korea in 2006 was estimated to be around 15% of the population [3]. In comparison, the United States was estimated to have around 15.1% poverty in 2010 [4]. However, poverty in America and South Korea are respectively measured at two different levels. The headcount poverty rate for South Korea of those living under $1.25 adjusted for purchasing power parity is nearly 0% [3]. The gross national income (GNI) per capita, according to the World Bank estimates, was around $29,110 (adjusted for purchasing power parity) between 2007-2011 [5].

Income Distribution

Incomeinequalitykorea.jpg[6]

References

  1. https://www.cia.gov/library/publications/the-world-factbook/fields/2172.html "DISTRIBUTION OF FAMILY INCOME - GINI INDEX." CIA.gov. N.p., 2012. Web.
  2. 2.0 2.1 http://www.indexmundi.com/facts/indicators/SI.POV.GINI "GINI Index." Indexmundi. N.p., 2012. Web.
  3. 3.0 3.1 http://www.indexmundi.com/south_korea/population_below_poverty_line.html "South Korea Population Below Poverty Line." Indexmundi. N.p., 2012. Web.
  4. http://www.indexmundi.com/united_states/population_below_poverty_line.html "United States Population Below Poverty Line." Indexmundi. N.p., 2012. Web.
  5. http://data.worldbank.org/indicator/NY.GNP.PCAP.PP.CD "GNI per capita." The World Bank. N.p., 2012. Web.
  6. NAHM, Joonwoo. "Shrinking Middle Class and Changing Income Distribution of Korea: 1995-2005." Web. 23 Apr. 2012. <http://www.uia.mx/shapingthefuture/files/1-Frontier-Markets/Inequality-Poverty-Nahm-EAO.pdf>
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