1,209 people in the top 0.1 percent of real estate rental income earned more than 800 million won in rent alone last year.
According to a report by Yang Kyung-sook of the Democratic Party of Korea, a member of the National Assembly’s Planning and Finance Committee, which analyzed data from the National Tax Service on Sunday, there were 1,290,861 real estate rental income earners among comprehensive income tax filers in 2021.
This followed an increase from 1,035,550 in 2019 and 1,137,534 in 2020.
Total reported rental income also increased to KRW 21.49 trillion in 2021, up from KRW 20.725 trillion in 2019 and KRW 20.9516 trillion in 2020.
The average annual rental income of real estate renters in 2021 was 10.77 million won. This is 44.2% of the average annual labor income of 42.4 million won for all workers who settled their year-end accounts in the same year.
The top 0.1% of rental income earners, 1,209 people먹튀검증, reported a total income of 985.2 billion won. The average per capita income is 815 million won.
However, the average rental income of the top quartile has been declining every year. From 1.019 billion won in 2017 to 974 million won in 2018, 927 million won in 2019, and 860 million won in 2020.
In addition, the average income of the top 1% in 2021 was KRW 275.76 million, and the average income of the top 10% was KRW 83.42 million.
The 12,999 people in the top 49 to 50 percent of rental income filers earned $116 billion. When listed in order of rental income, the average person in the middle earned 9.22 million won.
“The phenomenon of income polarization by real estate ownership is still serious,” said Rep. Yang Kyung-sook, adding, “We will strive to realize tax justice by reviewing the real estate tax system, including the holding tax.”