Key facts
- South Korea's GDP per capita is projected to reach $39,164 in 2026.
- This figure represents a 7.6% increase from the previous year, the largest annual gain in five years.
- The projected growth is driven by strong exports, particularly in the memory chip sector.
- Analysts suggest GDP per capita could surpass $40,000 if the Korean won strengthens against the U.S. dollar.
- The government has set economic goals including a 3% potential growth rate and a per capita GNI of $50,000.
South Korea's gross domestic product (GDP) per capita is projected to reach approximately $39,000 in 2026, marking a significant 7.6% on-year increase and the sharpest growth in five years. This upward trend is primarily fueled by robust exports, particularly in the memory chip sector.
According to projections based on financial authority data, the country's GDP per capita is estimated to hit $39,164 this year, an increase of $2,750 from the previous year. This anticipated growth rate would be the strongest since the 11.5% rise recorded in 2021. The estimate was derived by applying the government's revised nominal GDP growth forecast of 12.3% for the current year to the 2025 nominal GDP of 2,676.7 trillion won ($1,796 billion), resulting in an estimated 2026 nominal GDP of 3,005.9 trillion won. This figure, divided by South Korea's population of 51.6 million, yields the per capita GDP estimate.
The calculation also considered an average won-dollar exchange rate of 1,487.19 won per dollar for the current year. However, analysts suggest that if the Korean won strengthens against the U.S. dollar, with the average exchange rate falling to 1,456.1 won per dollar, South Korea's GDP per capita could potentially surpass $40,000 for the first time.
South Korea's GDP per capita experienced fluctuations, standing at $35,359 in 2018 and dropping to $33,652 in 2020 due to the COVID-19 pandemic. It later recovered to $36,327 in 2024 and $36,414 in 2025.
Recently, the government outlined economic policy objectives, including achieving a potential growth rate of 3%, becoming a top four global exporter, and increasing gross national income (GNI) per capita to $50,000. The per capita GNI was $36,850 in 2025.
Kang Gi-lyong, a senior finance ministry official, stated during a recent press briefing that the export and per capita GNI goals are highly achievable by 2030, within President Lee Jae Myung's term, provided current trends persist and policy efforts are intensified.