Doctors had the highest average business income among professionals, while veterinarians recorded the highest income growth rate.
Rep. Ahn Do-geol of the Democratic Party of Korea said Thursday that he analyzed the average and median incomes of the National Tax Service's “Status of Business Income by Type of Professionals” data from 2014 to 2022.
Average income refers to the average of the total business income reported and attributed to the National Tax Service. Median income refers to the business income reported by those in the top 50 percent of filers.
According to Rep. Ahn, doctors' business income was 400 million won ($303,490) in 2022. This is double the average income of 210 million won in 2014, representing an average income growth rate of 8.3 percent from 2014 to 2022.
Following the lead of medical doctors were public accountants with an average income of 220 million won, tax accountants at 120 million won, dentists at 100 million won, oriental medicine doctors at 100 million won, patent attorneys at 90 million won, veterinarians at 88.16 million won, customs officers at 80 million won, pharmacists at 80 million won, and lawyers at 70 million won.
Veterinarians recorded the highest income growth rate, with an average annual income growth rate of 12.6 percent, from 31,450,000 won in 2014 to 81,160,000 won in 2022.
The same was true for median income. As of 2022, the median income of doctors was 270 million won, ranking first among professionals. They were followed by dentists at 160 million won, public accountants at 90 million won, pharmacists at 80 million won, oriental medicine practitioners at 70 million won, tax accountants at 60 million won, patent attorneys at 50 million won, veterinarians at 50 million won, customs officers at 40 million won, and lawyers at 30 million won.
The gap between average and median income by occupation was 1.3 times for doctors and public accountants, 0.6 times for tax accountants, 0.5 times for veterinarians, 0.4 times for customs officers, patent attorneys, and lawyers, and 0.3 times for medical doctors.
The average and median income gap means a significant income disparity between the top and bottom earners.
“Recently, the average business income of all industries is around 19 million won, but the average business income of the top 10 professions is 196 million won, showing an income gap of nearly 10 times,” Rep. Ahn said. “Doctors have the highest business income among professionals. That confirms the reason for the craze for medical school among middle and high school students.”