Relative poverty rate South Korea 2011-2022

In 2022, the relative poverty rate in South Korea stood at around 14.9 percent, a slight increase compared to the previous year. The relative poverty rate, the share of people living with less than half of the national median disposable income, has fallen overall in recent years. However, the numbers are still relatively high by global standards, especially among older people. 

Relative poverty among the elderly

The share of older people in South Korea continues to rise. In 2022, the elderly population aged 65 years and older accounted for approximately 18 percent of the total South Korean population. South Korea is expected to become a 'super-aged' society in 2025, with people aged 65 and older accounting for more than 20 percent of the total population. However, the economic situation of the elderly has improved little – over 40 percent of the elderly population lives in relative poverty, which is among the highest rates of member countries of the Organization for Economic Co-operation and Development (OECD). 

Poverty and suicide risk among older adults

South Korea has the highest suicide rate in the OECD, with almost 13 thousand people taking their own lives in 2022. The suicide rate among older adults is particularly high. In 2022, the suicide rate was highest among the elderly male population aged 80 years and older, with around 118 deaths per 100 thousand population. The causes of suicide can be very complex. Yet in a 2020 survey conducted among people aged 65 years and older, financial difficulties were cited as the second most common reason for their suicidal thoughts, after health problems.