South Korea: The World’s Most Expensive Country for Childcare

By A Wide Margin, South Korea Is The World’s Most Expensive Place To Raise A Child

By a wide margin, South Korea is the most expensive country in the world for childcare as a percentage of per capita income. The cost of raising a child to age 18 in South Korea is 7.79 times the country’s gross domestic product (GDP) per capita, the highest in the world. Based on South Korea’s GDP per capita in 2022 (about KRW 43 million), it would cost about KRW 335 million to raise a child

China And Italy Ranked Second And Third

Italy ranked third among the countries surveyed, behind South Korea and China, at 6.28x GDP. The United Kingdom (5.25x) and New Zealand (4.55x) round out the top five. Japan (4.26x), the United States (4.11x), and Germany (3.64x) also ranked as relatively expensive countries for childcare. On the other hand, Singapore (2.1x), Australia (2.08x), and France (2.24x) are among the least expensive countries in terms of childcare.

Child care expenses by country (as a multiple of GDP per capita)

Not Surprisingly, South Korea’s Premium Child Care Market Is Growing Rapidly

As the number of children in society decreases, with the fertility rate hovering around 0.7, there is a strong tendency for families to invest heavily in each child. Luxury kids’ stores are opening one after another to cater to this trend in South Korea. According to Shinsegae Department Store, sales of baby and children’s clothing from Moncler and Baby Dior increased by 15.0% last year compared to the previous year, and sales of premium baby and children’s products such as strollers from brands like Egg and Stokke increased by 14.7%.

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