Take a look at the income gap between Taiwan and South Korea! South Korea hit the US$40,000 milestone, still one year behind Taiwan

The General Accounting Office previously estimated that Taiwan's per capita GNI will reach US$46,000 this year and will exceed US$50,000 next year.

South Korea’s per capita gross national income (GNI) is expected to exceed US$40,000 for the first time this year. Korean media reported that driven by strong growth in semiconductor exports and increased capital investment, South Korea's economy has maintained steady growth and national income is expected to reach a new milestone.

Compared with Taiwan, Taiwan's GNI exceeded US$40,000 last year. The General Accounting Office previously estimated that per capita GNI will reach US$46,000 this year, and will exceed US$50,000 next year, reaching US$51,267. The gap with South Korea continues to widen.

Statistics from the General Accounting Office show that Taiwan’s per capita GNI will be US$35,531 in 2024, rising rapidly to US$40,626 last year, an annual increase of approximately 14.3%, and reaching US$40,000 for the first time. GNI is "GDP (gross domestic product) + net income from foreign factors", which can reflect the actual scale of income obtained by a country's citizens.

South Korea's Ministry of Finance and Economy stated on October 27 that based on preliminary data analysis of the Bank of Korea's gross domestic product (GDP) in the third quarter of 2026, South Korea's per capita gross national income (GNI) is expected to exceed US$40,000. After breaking through the US$30,000 mark for the first time, this will be another important milestone in South Korea's per capita GNI.

The South Korean government predicts that if the average exchange rate of 1,463 won per US dollar remains unchanged since September, per capita GNI may reach US$43,500. If the exchange rate falls to around 1,300 won, per capita GNI may rise to US$44,000.

In the third quarter, real GDP increased by 1.0% quarterly and 3.4% annually. Based on this growth trend, the ministry predicts that even if the fourth-quarter growth rate remains moderate, the full-year GDP growth can still reach 3.6%; if the fourth-quarter economic growth is about 0.5%, the full-year GDP growth may rise to 3.7%.

The South Korean government expects export- and investment-driven growth momentum to continue next year. Despite the possible correction in semiconductor prices, industry experts generally expect further growth in shipments. However, financing challenges faced by global artificial intelligence (AI) companies and increasing competition from China remain potential risks in the semiconductor market.

While overall economic data is strong, reaching people more broadly remains a challenge. Nonresidential construction, which includes semiconductor factories, performed well, but investment in residential construction remained weak. The recovery of consumer spending in areas outside the Seoul metropolitan area and surrounding business districts has also been slower. A South Korean government official said that the government will accelerate the pace of stabilizing people's livelihood and narrowing economic gaps to ensure that the results of economic growth benefit all people.