Income and Asset Rankings by Region for People in Their 60s in Korea: Financial Stability Across Regions

Income and Asset Rankings by Region for People in Their 60s in Korea: Financial Stability Across Regions

※ For individuals in their 60s, financial priorities typically shift towards retirement planning, asset preservation, and ensuring long-term financial security. With many Koreans retiring or planning for retirement during this period, understanding regional variations in income and asset accumulation is crucial. This blog explores how people in their 60s fare across different regions in Korea, focusing on income levels, asset ownership, and the impact of local economic factors. 😅

 

1. Seoul: The Peak of Wealth Before Retirement

Average Income: ₩50 million - ₩65 million per year
Average Assets: ₩1 billion - ₩2 billion
Key Factors: High real estate values, large retirement savings, and diverse investments

Seoul remains the leading city in terms of both income and asset levels for people in their 60s. Even as individuals begin to retire, many continue to earn significant income through pensions, rental properties, or part-time consulting jobs. Real estate is a dominant factor in asset accumulation, with homeownership in Seoul representing a substantial portion of wealth. The sharp rise in property values over the years has left residents with considerable wealth, allowing for a financially secure retirement.

However, the high cost of living in Seoul means that wealth management becomes critical, especially in retirement. Many people are now focusing on diversifying their portfolios into lower-risk investments, such as bonds and retirement savings plans.

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2. Busan: Wealth Accumulation Through Real Estate and Industry

Average Income: ₩40 million - ₩55 million per year
Average Assets: ₩700 million - ₩1.5 billion
Key Factors: Industrial wealth, affordable property, and a balanced cost of living

Busan’s economy provides solid financial opportunities for people in their 60s. Although income levels drop post-retirement, many individuals supplement their pensions with investments, particularly in real estate. Over the years, Busan’s property market has grown, offering substantial returns for those who invested early.

Busan’s lower cost of living compared to Seoul allows for greater asset accumulation. Many retirees own multiple properties or have diversified their investments into retirement savings accounts. The city offers a balanced environment for those looking to maintain their wealth while enjoying a more relaxed pace of life.

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3. Incheon: Steady Income with Strong Real Estate Assets

Average Income: ₩38 million - ₩52 million per year
Average Assets: ₩600 million - ₩1.2 billion
Key Factors: Commuter economy, growing real estate market, and strong pension benefits

Incheon, closely tied to Seoul’s economic environment, offers similar wealth-building opportunities, albeit at a smaller scale. Many people in their 60s continue to receive income through pensions and part-time work, particularly those who spent their careers in Seoul but live in Incheon to benefit from its lower living costs.

Real estate continues to be a significant contributor to wealth in Incheon, as property values have appreciated over the decades. Many retirees own homes that have risen in value, providing them with substantial equity. In addition to real estate, some individuals have diversified their retirement portfolios, focusing on low-risk investments.

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4. Daegu: Conservative Wealth with Low Cost of Living

Average Income: ₩30 million - ₩45 million per year
Average Assets: ₩450 million - ₩900 million
Key Factors: Lower living costs, manufacturing income, and conservative investment strategies

Daegu’s economy, centered around manufacturing, has provided steady incomes but not as high as cities like Seoul or Busan. People in their 60s here typically have more conservative financial habits, focusing on savings, pension plans, and property investments. With a lower cost of living, they can preserve more of their wealth for retirement.

Real estate continues to be an essential asset, although property appreciation is slower compared to larger cities. Many residents in Daegu own homes outright, and their wealth is tied to these properties. With relatively low housing prices, it’s easier for retirees to manage their assets while maintaining a comfortable standard of living.

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5. Daejeon: Wealth Through Technology and Public Sector Jobs

Average Income: ₩42 million - ₩55 million per year
Average Assets: ₩500 million - ₩1.1 billion
Key Factors: Technology-driven economy, stable public sector pensions, and moderate real estate growth

Daejeon’s focus on technology and research offers unique opportunities for people in their 60s to retain income and grow their assets. Many retirees have pensions from government or research institutions, providing them with a stable financial foundation. As a result, the average income levels remain relatively high even after retirement.

Real estate investments play a significant role in wealth accumulation here, with properties appreciating at a steady pace. While not as fast-growing as Seoul, Daejeon’s property market has provided long-term value for homeowners, allowing them to retire with a strong asset base.

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6. Gwangju: Stable Growth with Focus on Public Sector Pensions

Average Income: ₩35 million - ₩48 million per year
Average Assets: ₩400 million - ₩850 million
Key Factors: Public sector jobs, affordable real estate, and strong pension systems

Gwangju is another city where public sector jobs are prominent, resulting in stable pension income for retirees. The income for people in their 60s is generally lower than in major cities, but the affordable cost of living compensates for this. Most retirees own property, which forms the backbone of their asset base.

Real estate in Gwangju has seen moderate growth over the years, with homeownership remaining the most significant contributor to wealth. The city’s lower housing prices allow retirees to hold significant equity in their properties while enjoying a comfortable lifestyle on relatively lower incomes.

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7. Jeju: Unique Wealth from Tourism and Real Estate Investments

Average Income: ₩30 million - ₩42 million per year
Average Assets: ₩350 million - ₩800 million
Key Factors: Tourism-driven income, agricultural land, and lower housing costs

Jeju offers a different financial environment for people in their 60s, with a heavy reliance on tourism and agriculture. While income levels are lower compared to mainland cities, retirees often supplement their earnings with income from vacation rentals or agricultural land investments. Many have also accumulated wealth through property ownership, particularly in the tourism industry.

Real estate remains a key asset for Jeju residents. Property values, particularly those tied to the tourism market, have grown steadily over the years, making it a reliable investment for retirees. The island’s lower cost of living allows for a more relaxed retirement lifestyle, even on modest incomes.

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Conclusion: Understanding Regional Wealth and Income Differences in the 60s

People in their 60s across Korea experience varying levels of income and wealth depending on their region of residence. While cities like Seoul and Busan offer high-income potential and strong asset growth, smaller cities like Daegu and Gwangju provide a more affordable environment for retirees to maintain their wealth. Real estate continues to be a critical component of financial security across the board, with each region offering unique opportunities for wealth management as individuals prepare for retirement.

As retirement approaches, individuals need to consider the impact of regional differences on their financial stability and plan accordingly to ensure a comfortable and secure future.