A Steady 20 Million Won Deposited Every Month... Who Is the 14-Year-Old Earning 250 Million Won a Year?

Monthly Income of Minor Business Owners Reaches 3.03 Million Won
Exceeds Median Earned Income of 2.72 Million Won for Wage Earners
14-Year-Old Earns 250 Million Won Annually from Leasing Business in Gangnam
Min Byungdeok: "Most Likely Regis

The monthly average income of minors registered as business owners has exceeded 3 million won. There have even been cases where minors earned over 20 million won per month through real estate leasing. While this is not illegal under current law, critics argue that it amounts to an expedient inheritance of wealth.

'Minor Business Owners': 359 Earn an Average of 3.03 Million Won per Month

The monthly average income of a minor registered as a business owner was found to exceed 3 million won. Photo by Asia Economy Database

According to an analysis by the office of Democratic Party lawmaker Min Byungdeok, a member of the National Assembly's Political Affairs Committee, of the National Health Insurance Service's data on 'workplace subscriber contribution amounts,' as of the end of August this year, 359 out of 16,673 workplace subscribers aged 18 or younger (2.1%) were registered as business owners.

The monthly average income for minor business owners was 3,032,000 won, which exceeds the median earned income (2.72 million won) for wage earners as compiled by the National Tax Service in 2023. Notably, there were 16 minor business owners who earned more than 10 million won per month.

By business type, real estate leasing accounted for the largest share, with 302 minors (84.1%) registered as business owners in this sector. This was followed by accommodation and food service businesses, and wholesale, retail, and consumer goods repair businesses, each with 11 minors (3.0%). The minor business owner with the highest income was a 14-year-old engaged in real estate leasing in Gangnam-gu, Seoul, with a monthly income of about 20.74 million won and an annual income of 250 million won.

Lawmaker Min estimated that most of these minors became business owners through inheritance or gifts. While not illegal, he pointed out the possibility that expedients such as recording fictitious expenses at the business or dispersing income among multiple individuals to avoid progressive tax rates may have been used in the process.

Lawmaker Min said, "Is it really possible for a 14-year-old minor to properly run a business as its owner?" He added, "Since this can only be seen as an expedient transfer of wealth, institutional improvements are needed."