Published: Monday, 21th October 2024
The Standard of living in South Korea is 1.52 times lesser as compared to United States.
In this page, you will find side-by-side Standard of Living comparison between South Korea and United States. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between South Korea and United States.
 Indicators  | South Korea  | United States  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.761 trillion USD | $28.781 trillion USD |
GDP Per Capita (2023)  | 34,165 USD | 85,373 USD |
GINI Ratio (2023)  | 0.33 | 0.42 |
Inflation on Consumer Prices (2023)  | 3.59 % annually | 4.12 % annually |
Central Government Debt (2023)  | 51.2 % of GDP | 110.4 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of South Korea is $1.761 trillion USD and that of United States is $28.781 trillion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in South Korea contributes less to the country's economy compared to a person working in United States.
Indicators | South Korea | United States |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.929 | 0.927 |
Human Capital Index (HCI) (2024)  | 0.8 | 0.7 |
Literacy Rate (2023)  | 98.8% (15 years+ above age) | 99% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 83.5 years | 76.4 years |
Healthy Life Expectancy Ratio (2023)  | 74.5 years | 63.9 years |
Poverty Ratio (2023)  | Yet to Update | Yet to Update |
Unemployment Rate (2023)  | 2.64% of total labor force | 3.63% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of South Korea is [ 0.929 ] and the HDI of United States is [ 0.927 ].
The data shows that the people living in South Korea has better income, life expectancy and education level compared to United States.
Indicators | South Korea | United States |
|---|---|---|
Gross National Expenditure (2023)  | 99.96 % of GDP | 103.77 % of GDP |
Total Health Expenditure (2023)  | 8.3 % of GDP | 17.36 % of GDP |
Research and Development Expenditure (2023)  | 4.93 % of GDP | 3.46 % of GDP |
Government Expenditure on Education (2023)  | 5.4 % of GDP | 5.44 % of GDP |
International Tourism Expenditure (2023)  | 16,705 million USD | 48,837 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update | 45,037,000 |
Military Expenditure (2023)  | 2.72 % of GDP | 3.45 (% of GDP) |
The total Gross National Expenditure of South Korea is 99.96% of its GDP and the total Gross National Expenditure of United States is 103.77% of its GDP.
From the above data, we can say that South Korea spends 1.04 times less of its GDP on Gross National Expenditure compared to United States.
Indicators | South Korea | United States |
|---|---|---|
Number of Doctors (2023)  | 2.4 (Per 10,000 People) | 36.1 (Per 10,000 People) |
Number of Nurses (2023)  | 10.2 (Per 10,000 People) | 131.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.7 (Per 10,000 People) | 10.45 (Per 10,000 People) |
Available Hospital Beds (2023)  | 12.43 (Per 1000 People) | 2.87 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | Yet to Update |
South Korea has 15.04 times less Doctors compared to United States (Per 10,000 People).
South Korea has 12.89 times less Nurses compared to United States (Per 10,000 People).
Indicators | South Korea | United States |
|---|---|---|
Agricultural Land (2023)  | 16,030 Sq Km | 4,058,103.5 Sq Km |
Forest Area (2023)  | 62,770 Sq Km | 3,097,950 Sq Km |
CO2 Emissions (2023)  | 0.24 kg per PPP $ of GDP | 0.2 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 97.17 % of total Population | 91.75 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 29.2 Billion cubic meters | 444.4 Billion cubic meters |
100% of the total Population of South Korea has access to the electricity in their homes, whereas, in case of United States, 100% of the total Population has access to electricity.
Indicators | South Korea | United States |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 4.2 Days |
New Businesses Registered (2023)  | 113,180 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 3.09 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 14.6 % of GNI Per Capita | 1 % of GNI Per Capita |
It usually takes 8 days in South Korea and 4.2 days in United States to register a new business legally and systematically.
Indicators | South Korea | United States |
|---|---|---|
Imports of Goods and Services (2023)  | 43.94 % of GDP | 15.41 % of GDP |
Total Fuel Imports (2023)  | 29.9 % of Merchandise Imports | 8.41 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 314.64 USD | 175 USD |
Time to Import Border Compliance (2023)  | 6 Hours | 1.5 Hours |
Cost to Import Documentary Compliance (2023)  | 26.75 USD | 100 USD |
Time to Import Documentary Compliance (2023)  | 1 Hour | 7.5 Hours |
Indicators | South Korea | United States |
|---|---|---|
Exports of Goods and Services (2023)  | 44 % of GDP | 11.63 % of GDP |
Total Fuel Exports (2023)  | 9.47 % of Merchandise Exports | 18.68 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 184.72 USD | 175 USD |
Time to Export Border Compliance (2023)  | 13.38 Hours | 1.5 Hours |
Cost to Export Documentary Compliance (2023)  | 11.1 USD | 60 USD |
Time to Export Documentary Compliance (2023)  | 1 Hour | 1.5 Hours |
Indicators | South Korea | United States |
|---|---|---|
Gross National Savings (2023)  | 33.77 % of GDP | 18.16 % of GDP |
Tax Revenue (2023)  | 18.44 % of GDP | 12.18 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | 16.89 % of Tax Revenue | 1.82 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.4 % of Revenue | 2.03 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 174 Hours | 175 Hours |
Customs and Other Import Duties (2023)  | 2.46 % of Tax Revenue | 3.26 % of Tax Revenue |
The taxes charged by South Korea on international trade is 1.4% of the total revenue and the taxes charged by United States on international trade is 2.03% of the total revenue.
The Taxes charged on International Trade by South Korea is 1.45 times less of its total revenue than of United States.
We hope you enjoyed the detailed guide on the standard of living comparsion between South Korea and United States.
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