Seoul, the capital of South Korea, is the country's largest city with a
. Located in the northwest of the country along the Han River, Seoul accounts for only 0.6 percent of the country's land area, yet it is home to about 20 percent of the total population. The 24-hour city and dynamic metropolis serves as a vibrant business and financial hub for national and international companies and forms the heart of South Korea's economy, politics, and culture. It is also one of the
What are the major industries in Seoul?
After the Korean War (1950-1953), Seoul, the surrounding Gyeonggi Province, and Incheon (Seoul Capital Area or
Sudogwon) quickly grew into an important industrial center. This so-called “compressed economic development” of Seoul led to remarkably rapid growth and made South Korea one of the
largest economies in the world. At the same time, however, this also led to greater regional disparities in the economy and the labor market. Seoul alone generated around 22 percent of
South Korea's total gross domestic product (GDP) in 2022. Including its surrounding regions, even
more than 50 percent of GDP was produced in the Seoul Capital Area. The affluent Gangnam region south of the Han River had the largest economy among Seoul’s 25 districts. The city's economy is heavily reliant on the service sector, which contributes approximately 90 percent to the total gross regional product. Within this sector,
key industries such as wholesale and retail trade, finance, and insurance play a vital role in driving the city's economic growth and development.
How expensive is living in Seoul?
Seoul is one of the most expensive cities in the world, ranking first in the
cost of living index among megacities in the Asia-Pacific region. High property and rental prices are among the main factors driving up the cost of living in the capital city. Despite various government measures, housing prices have skyrocketed, particularly in recent years. Even with the above-average wage levels of Seoulites, this is still unaffordable, which is why
Seoul's household debt has surged over the past few years. Aside from housing expenses, the cost of public transportation, utilities, and restaurant meals in Seoul are considered relatively reasonable.
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