Income and Asset Rankings by Region for People in Their 90s in Korea: Navigating Wealth in the Golden Years

Income and Asset Rankings by Region for People in Their 90s in Korea: Navigating Wealth in the Golden Years

※ Reaching the 90s is a remarkable milestone, but it comes with unique financial challenges and considerations. At this stage, many individuals rely almost entirely on pensions, savings, or family support, with little or no active income. Asset ownership, particularly real estate, remains a key part of their financial stability, but liquid assets may dwindle as individuals approach this advanced age. In this article, we explore the income and asset rankings of people in their 90s across various regions of Korea, delving into the economic realities of one of the oldest age demographics. 😅

 

1. Seoul: The Financially Well-Off Elders

Average Income: ₩10 million - ₩15 million per year
Average Assets: ₩800 million - ₩1.5 billion
Key Factors: High-value real estate, pensions, and family support

Seoul’s elderly population in their 90s often possesses significant assets, primarily due to the high value of real estate. Although income from active work is nonexistent, and even pension income tends to decline, many of these individuals live comfortably due to the wealth tied to their properties. Family support is crucial in this age group, as many pass down property or receive assistance from children. The city’s high cost of living can be mitigated by owning valuable real estate, which can be leveraged for financial needs or passed on as inheritance.

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2. Busan: Comfortable Aging Supported by Real Estate

Average Income: ₩8 million - ₩13 million per year
Average Assets: ₩700 million - ₩1.2 billion
Key Factors: Real estate holdings, pensions, and tourism-driven economy

Busan, with its scenic coastal environment, offers a comfortable lifestyle for retirees in their 90s who benefit from real estate ownership. Many in this age group own properties that have appreciated over time, and some earn rental income from tourism-related properties. Although income from pensions is limited, the combination of property wealth and the relatively lower cost of living compared to Seoul helps ensure financial stability. As in other regions, family support plays a significant role in covering daily expenses for this elderly population.

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3. Incheon: Moderate Wealth and Reliance on Family Support

Average Income: ₩7 million - ₩12 million per year
Average Assets: ₩600 million - ₩1 billion
Key Factors: Real estate appreciation, pension income, and family assistance

Incheon, which has seen steady growth over the years, provides a more affordable living environment for people in their 90s compared to Seoul. Many residents benefit from property value appreciation, though their active income is limited to pensions or passive earnings from family support. With housing prices rising over the years, the older generation in Incheon still holds onto significant assets, although their liquidity might be constrained.

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4. Daegu: Conservative Wealth and Low Income

Average Income: ₩6 million - ₩10 million per year
Average Assets: ₩400 million - ₩750 million
Key Factors: Real estate ownership, savings, and cost-effective living

In Daegu, retirees in their 90s generally live conservatively, with lower incomes but modestly valued assets. Pensions form the primary source of income, while home ownership ensures that living expenses are kept low. This group often relies on family for additional financial support. Real estate values in Daegu are lower compared to Seoul and Busan, but residents benefit from a much more affordable cost of living, making it possible for those in their 90s to maintain financial security despite lower asset levels.

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5. Daejeon: Public Pension Benefits and Stable Living

Average Income: ₩7 million - ₩12 million per year
Average Assets: ₩450 million - ₩800 million
Key Factors: Public sector pensions, family support, and affordable housing

Daejeon’s retirees in their 90s benefit from stable pension income, particularly for those who worked in government or public sector jobs. Their asset levels are moderate, with real estate and savings providing financial stability. Family support is often necessary to cover additional medical or living expenses, as income alone is insufficient for this age group. Daejeon’s affordable housing market means that those who own their homes are generally well-positioned to live comfortably on smaller pensions and savings.

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6. Gwangju: Modest Assets and Strong Family Reliance

Average Income: ₩5 million - ₩9 million per year
Average Assets: ₩350 million - ₩650 million
Key Factors: Pensions, homeownership, and family support

In Gwangju, people in their 90s tend to have more modest assets, with real estate and pensions making up the majority of their wealth. As with other regions, family plays an essential role in providing financial support. Many elderly residents own their homes, which reduces the burden of living expenses. However, the relatively low income levels make it difficult for this age group to maintain their quality of life without relying on savings or assistance from their children or grandchildren.

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7. Jeju: Real Estate and Tourism-Income for the Elderly

Average Income: ₩5 million - ₩8 million per year
Average Assets: ₩300 million - ₩600 million
Key Factors: Tourism-related income, agricultural land, and family help

In Jeju, the oldest residents benefit from a relaxed lifestyle, though their financial means may be limited compared to larger cities. Many people in their 90s have invested in land or real estate that has appreciated thanks to the island’s booming tourism industry. Family support is common, as the income from pensions is generally low. However, the relatively low cost of living, combined with real estate wealth, ensures that many of the island’s elderly can sustain themselves comfortably into their 90s.

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Conclusion: Regional Financial Realities for Koreans in Their 90s

As Koreans reach their 90s, their financial landscape is shaped largely by real estate ownership, pensions, and family support. In wealthier regions like Seoul and Busan, significant assets provide financial security, while more modest regions like Daegu and Gwangju rely heavily on family assistance and the conservative management of savings and pensions. Regardless of the region, the 90s is a period where active income is minimal, and wealth is carefully managed to support daily needs and medical care.