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Structure of the Top Incomes and the Role of the Financial Income in Korea
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한국의 상위 소득구조와 금융소득의 역할

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Type
Academic journal
Author
Lee Jong Chul (중앙대학교)
Journal
서강대학교 사회과학연구소 사회과학연구 사회과학연구 제29권 제1호 KCI Accredited Journals
Published
2021.1
Pages
90 - 127 (38page)

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Structure of the Top Incomes and the Role of the Financial Income in Korea
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The main purpose of this paper is to investigate the role of the financial income in explaining the structure of the top incomes in Korea. We use the generalized Pareto interpolation and the income tax data from 2007 to 2017 to estimate the concentration of the top incomes such as top 0.1%, 0.01%, 0.001%. We show that the financial income is the most important income source for the top income groups. The financial income has played the biggest behind role in the concentration of top income. In particular, the concentration of the financial income in the top income groups is getting larger since 2012. We also show that the top concentration of the financial income is much higher than that of the rental income from the real estate. Furthermore, we find that most of the concentration of the top financial income is accounted for by the income from dividends. The role of the dividend income to the concentration of the top financial income is getting larger in the higher top income group. The findings of the paper suggest that the incomes from the financial sector rather than the real sector will play a core role in explaining the top income concentration in Korea.

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