20 minors earn $74K a year as CEOs in South Korea: report

By Dat Nguyen October 10, 2024 | 03:03 pm PT

Buildings in Seoul, South Korea. Photo by AFP

20 minors (under 19 years old) who are registered as CEOs earned over KRW100 million ($74,000) annually in South Korea in the past five years, government data shows.

The list includes a child under the age of 5, according to recent data from the National Health Insurance Service as reported by The Korean Herald.

In total there are 360 business owners under 19 years old registered under the health insurance system.

Of these, 20 minors earned over KRW100 million a year, 41 made between KRW50 million and KRW100 million, and 299 earned less than KRW50 million.

Seoul led with 231 minor-owned businesses, followed by Gyeonggi Province with 61, and Incheon with 22.

Jin Sun-mee, a member of the National Assembly, has called for stricter regulations to curb the use of minors in business ownership as a tactic to avoid inheritance taxes, emphasizing the need for greater oversight to address the broader issue of income inequality.