Summary
According to government data, the wealth gap between the rich and poor in South Korea is wider than ever. Its elderly poverty rate is also the highest among OECD countries.
Informal workers struggle with instability and accumulating wealth. Meanwhile, real estate, the main vehicle of asset building in South Korea, remains out of reach for the young generation. Education also favours those with resources, as after-school tuition becomes almost compulsory for a good result at the university entrance exams, which in turn determines an individual’s path for a degree and career.
With a new administration in charge, can South Korea reduce the gap between the haves and have nots?
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