ISTANBUL

South Korea's gross national income (GNI) per capita surpassed Japan and Taiwan in 2024, ranking sixth among countries with populations of more than 50 million, according to data published Wednesday.

The Bank of Korea announced that South Korea's GNI per capita increased 1.2% year-on-year, to $36,624, the Chosun Daily reported.

GNI represents the total income earned by residents each year, including wages, interest and dividends, expressed in dollar value.

GNI per capita, calculated by dividing GNI by a country’s population, serves as a key indicator of the average standard of living in a country.

South Korea's GNI surpassed the $30,000 mark in 2014, reaching $30,797, and then increased to $37,898 in 2021.

The sharp depreciation of the Korean won in 2022 caused the figure to drop to $35,229, but it rebounded to $36,194 in 2023 and then increased to its current figure.

The country's GNI per capita has exceeded Japan and Taiwan for the second year in a row, as Japan's GNI per capita was estimated at approximately $34,500 last year, while Taiwan's came in at $35,188.

The Bank of Korea pointed out that Korea's GNI per capita surpassed Japan's last year, partly because the won remained relatively more stable than the yen.