Lee Won-jae

Inserted 2 years ago

“Most of those in the top real estate bracket are highly educated people. They are increasing their real estate holdings faster than others, and they are investing more in the education of their children. In other words, both real estate and education are inherited. This situation is especially true among those in their 40s or 50s. There used to be a belief among Koreans that everyone can earn income and buy a home under the same conditions. The possibility of moving up the socioeconomic ladder through savings and purchasing a home used to be a source of strong motivation for individuals, and it became a driving force of economic development as a result. Being able to purchase real estate, which was once a means to climb up the socioeconomic ladder, is now only widening the gap between classes and making that gap permanent.”

Koreatimes

Trustee and CEO of Lab2050 a private think tank