"Korea, 360 Million Won to Raise One Child... The Most Expensive in the World"

Child Support in Korea, 7.79 Times GDP per Child
Private Education Expenses Last Year Approximately 26 Trillion Won

"South Korea is the most expensive country in the world to raise children."

German international broadcaster Deutsche Welle (DW) reported on the 18th (local time) that South Korea is the country with the highest cost of raising children up to the age of 18 in the world.

The academy district in Mokdong, Seoul./Photo by Hyunmin Kim kimhyun81@

Deutsche Welle cited research from the Yiwa Population Research Institute, a population and public policy research organization based in Beijing, China. According to the study, South Korean parents spent an amount equivalent to 7.79 times the GDP per capita on raising one child last year. The cost of raising a child until the age of 18 reached approximately 365 million KRW.

This is the highest level among the 14 major countries analyzed by the institute. According to the institute's analysis, the child-rearing costs for South Korean parents are overwhelmingly higher compared to China (6.9 times), Japan (4.26 times), and the United States (4.11 times).

Deutsche Welle explained, "The largest portion of child-rearing expenses for Koreans is private education costs," adding, "In 2022, Koreans spent 17.9 billion euros (about 26 trillion KRW) on private academies for their children, which means parents spent 361 euros (about 520,000 KRW) per child per month."

It also stated, "South Korea's fertility rate is 0.78, meaning only 78 babies are born per 100 women over their lifetime," noting, "This is the lowest rate in the world and has sharply declined from 1.48 in 2000."

DW analyzed that one reason Koreans spend so much on private education is the high number of 'working moms.' This is because academies provide childcare services for children while parents are at work.

Professor Park Sang-in of Seoul National University’s Graduate School of Public Administration told Deutsche Welle, "Competition in education, especially regarding university entrance exams, is severe in South Korea," adding, "It is clear that the more a child studies, the higher the chance of entering a good university." He further explained, "Young children can take classes such as sports or music after school, but eventually, they study subjects necessary for university admission."