TOOL · GROSS COST

How much would a basic income cost in South Korea?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Country

Adult population 46,039,322child population 5,673,297year 2023World Bank WDI

Monthly amount per adult

Monthly amount per child

GROSS ANNUAL COST

469,209 million

in KRW₩469,209,316,800

Equal to 0.0% of reference GDP

Population covered: 51,712,619 people

Adults: 46,039,322 × ₩800 × 12 = ₩441,977,491,200

Children: 5,673,297 × ₩400 × 12 = ₩27,231,825,600

₩441,977,491,200 + ₩27,231,825,600 = ₩469,209,316,800

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $1,844,800,934,392 · World Bank WDI

Currency KRW · exchange rate 1,305.6625 KRW/USD (2023)

Converted cost $359,364,933 for the GDP share.