Income and Asset Rankings by Region for People in Their 70s in Korea: Retirement Wealth Across the Country

Income and Asset Rankings by Region for People in Their 70s in Korea: Retirement Wealth Across the Country

※ As Koreans enter their 70s, retirement planning moves from accumulation to the careful management and preservation of wealth. For many in this age group, income primarily comes from pensions, social benefits, or passive sources like real estate or investments. This blog explores the income and asset rankings for people in their 70s by region, highlighting the key differences in wealth distribution across South Korea. 😅

 

1. Seoul: Retirees with High Assets Despite Lower Income

Average Income: ₩30 million - ₩40 million per year
Average Assets: ₩1.2 billion - ₩2 billion
Key Factors: Real estate wealth, high living costs, and rental income

Seoul remains a top-ranking city for wealth in retirement, particularly due to the high value of real estate. Though most people in their 70s see a drop in income after retiring, many in Seoul benefit from passive income sources like rental properties, dividends, and pensions. Real estate, often acquired decades earlier, continues to provide a significant portion of wealth for retirees.

Despite the higher living costs in Seoul, retirees here tend to have larger asset bases due to the appreciation of property values, making them among the wealthiest in the country.

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2. Busan: Steady Wealth from Real Estate and Lower Living Costs

Average Income: ₩28 million - ₩35 million per year
Average Assets: ₩900 million - ₩1.5 billion
Key Factors: Real estate appreciation, moderate pensions, and tourism-related income

Busan, with its rapidly developing real estate market and tourism-driven economy, is another key region where retirees in their 70s enjoy substantial assets. Many who invested in real estate early have seen significant growth in their property values, contributing to their wealth in retirement. Although income from employment has declined, pensions and passive income sources help maintain financial stability.

Busan’s lower cost of living compared to Seoul allows retirees to stretch their wealth further, balancing income limitations with robust asset bases.

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3. Incheon: Retirees Benefit from Affordable Living and Real Estate Growth

Average Income: ₩25 million - ₩33 million per year
Average Assets: ₩700 million - ₩1.3 billion
Key Factors: Pension income, real estate investments, and commuter economy

Incheon, closely connected to the Seoul metropolitan area, has seen its real estate values rise significantly over the years. Retirees in their 70s benefit from property investments made earlier in life, and while their income levels may be modest compared to working years, their assets have grown steadily. Pensions, often supplemented by passive income like rent from real estate, provide a stable financial base.

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4. Daegu: Conservative Financial Strategies for Asset Preservation

Average Income: ₩22 million - ₩30 million per year
Average Assets: ₩500 million - ₩900 million
Key Factors: Lower cost of living, conservative savings, and modest pension benefits

Daegu’s retirees generally follow conservative financial strategies, relying heavily on pensions, savings, and real estate. With a lower cost of living than Korea’s major metropolitan areas, people in their 70s can maintain a decent standard of living despite having smaller asset bases compared to residents in Seoul or Busan. Their real estate assets often account for a large portion of their wealth, though home values here are lower than in other regions.

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5. Daejeon: Pension-Driven Income and Moderate Wealth Accumulation

Average Income: ₩24 million - ₩32 million per year
Average Assets: ₩600 million - ₩1 billion
Key Factors: Public sector pensions, real estate ownership, and steady but moderate growth

Daejeon’s economy, centered around technology and public sector employment, provides stable pension income for retirees in their 70s. The region’s retirees benefit from government pensions or savings plans, while real estate investments also play a significant role in wealth. While property values in Daejeon do not match the explosive growth seen in Seoul, they have appreciated steadily, helping residents maintain substantial wealth into their retirement.

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6. Gwangju: Modest Wealth and Strong Pension Reliance

Average Income: ₩20 million - ₩28 million per year
Average Assets: ₩450 million - ₩850 million
Key Factors: Public sector-driven pensions, affordable housing, and conservative investments

Gwangju, with its lower cost of living, offers a modest but stable financial environment for retirees. People in their 70s in this region often rely heavily on pension income, particularly those who worked in public sector jobs. While asset levels are lower compared to metropolitan areas, retirees benefit from owning their homes outright, contributing to financial stability even with lower incomes.

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7. Jeju: Tourism and Real Estate as Primary Wealth Drivers

Average Income: ₩18 million - ₩25 million per year
Average Assets: ₩400 million - ₩800 million
Key Factors: Tourism income, agricultural land, and real estate investments

Jeju, known for its booming tourism industry, provides retirees with unique wealth-building opportunities. Many in their 70s rely on income from tourism-related activities, such as renting out properties or running small guesthouses. Real estate plays a crucial role in wealth accumulation on the island, with property values rising due to the tourism boom. Although incomes are lower compared to urban areas, the relatively low cost of living and tourism-related passive income help maintain a stable financial situation for Jeju retirees.

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Conclusion: Financial Diversity Across Regions for Koreans in Their 70s

As individuals in Korea reach their 70s, income levels generally drop due to retirement, but the wealth accumulated over a lifetime—especially through real estate and pension systems—continues to support their financial well-being. The regional differences in both income and assets are stark, with wealthier areas like Seoul and Busan providing larger asset bases, while smaller cities like Daegu and Gwangju offer lower income but manageable living costs.

Understanding these regional financial dynamics is essential for retirees and those approaching retirement, as wealth management and preservation become key focuses in ensuring a comfortable and secure future.