It’s an unsettling demographic snapshot of modern Korea: the young are dwindling in both numbers and wealth, while the elderly are growing — and richer than ever.
According to the latest population and housing census released by the National Data Office (formerly Statistics Korea) on October 12, Korea’s population in their 20s dropped to 6.3 million in 2023, down 193,000 from a year earlier. Meanwhile, those aged 70 and older reached 6.54 million, surpassing the 20-something population for the first time in 100 years since records began in 1925.
Once the largest generation, people in their 20s have now become the smallest — a reversal that reflects Korea’s rapid aging and chronic youth decline.
A Demographic Turning Point
In 2020, Korea had 7.03 million people in their 20s. Four years later, that figure has fallen steadily each year, shrinking by 140,000 to 210,000 annually. In 2023, the 20-something population saw the steepest fall among all age groups, even greater than that of children under 10 or people in their 40s.
By contrast, the 50s remain the largest age cohort with 8.71 million, followed by those in their 40s (7.81 million) and 60s (7.79 million). The once-youthful nation is now visibly middle-aged — and aging fast.
A Super-Aged Society — and a New Consumer Powerhouse
At the end of 2023, Korea officially became a super-aged society, with more than 20% of its population aged 65 or older.
This aging wave is transforming the very core of Korea’s economy: spending power now belongs to the elderly.
Data show that total consumption by people aged 65 and older surged to a record ₩243.8 trillion (US$176 billion) last year — up 12% from 2022. Seniors now account for 16.7% of all household spending, the highest share ever recorded.
Meanwhile, the working-age population (15–64), which makes up about 70% of total consumption, saw their spending rise by just 6.3%. In other words, the elderly’s consumption is growing twice as fast as that of the younger generations.
From Survival to Self-Fulfillment
It’s not only about how much seniors spend, but what they spend on.
Private consumption among those aged 65 and older — that is, spending not covered by public welfare programs — jumped 14.9% to ₩150 trillion.
And it wasn’t just on healthcare or hospital visits. The surge came from leisure, dining, travel, and culture — clear signs that many seniors are seeking a higher quality of life.
As Wang Da-un, a researcher at Hana Institute of Finance, put it:
“Today’s seniors invest in leisure and self-improvement. They want to live better, not just longer.”
Old, Rich, and Owning the Economy
The total consumption of older Koreans (₩243.8 trillion) is 3.8 times their earned income (₩64.6 trillion).
Most retirees no longer rely on salaries — they spend from the real estate and financial wealth they’ve built over a lifetime.
In 2023, asset liquidation and investment income among seniors hit a record ₩49.3 trillion, according to the National Data Office. More than 85% of senior household wealth is held in property, per a Hana Institute of Finance report.
That’s why older Koreans now dominate real estate tax rolls. Among 463,906 individual taxpayers for the comprehensive real estate tax, over half (52%) were aged 60 or older, contributing 57% of the total tax revenue — up sharply from 49.1% in 2020.
A Society Divided by Age — and Wealth
Experts warn that Korea’s economy is entering a new era of generational imbalance.
“While the 20s are shrinking and struggling with job scarcity, the asset-rich elderly are becoming the main economic force,”
says Professor Kim Dae-jong of Sejong University.
“The wealth gap between generations will only grow wider.”
The contrast is stark: the young, poor, and few — versus the old, rich, and many.
It’s a demographic and economic divide that could define Korea’s next decade — unless the country finds a way to rebalance opportunity between its fading youth and its flourishing seniors.
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