However this isn’t the approach to life Kim leads. She isn’t a part of the Mercedes-driving, horse-riding fashionistas of “Gangnam Model.” Her porch sits affront a shack made from plywood panels, scrap plastic and corrugated steel in Guryong, a sprawling shantytown that’s technically within the Gangnam district.
The VIP way of life is so shut, but to date.
The 60-year-old must experience the bus for less than two miles to get to the shiny new condominium the place she works as a maid. Nevertheless it’s a commute throughout, she says, “the gulf between the wealthy and poor.”
“From the marble flooring to air-conditioned rooms … the whole lot there makes me really feel like I’m in a dream,” she mentioned. Her flooring is made out of sheets of vinyl, and she or he has solely a small fan to deal with the summer season warmth.
Whereas the gap between Kim’s residence and her office is small, the socio-economic divide is gigantic.
Kim’s scenario sums up the widening financial divide, a political and social challenge that comes up at each election however has to date proved intractable.
This was encapsulated in 2019 by the Oscar-winning South Korean film “Parasite,” during which a poor household endures the frustrations felt by many.
The Asian monetary disaster of 1997, which triggered enterprise failures and widespread layoffs, set in movement rising financial inequalities.
That hole hit a document final 12 months, when South Korea’s richest 20 p.c recorded 64 instances the typical wealth of the underside 20 p.c.
Making issues worse, many individuals really feel it’s not possible to reside out a Korean model of the American Dream.
Individuals “born with a golden spoon” of their mouths can count on to get pleasure from costly non-public training and land comfortable jobs due to their well-connected households. However these with out such privileges — born with “filth spoons” — say they by no means have an opportunity of getting forward.
Nowhere is that this inequality extra evident than within the microcosm of Gangnam, residence to those that have flourished throughout South Korea’s financial transformation and people who haven’t.
Each have their roots in South Korea’s transition from dictatorship to democratic Asian tiger.
In preparation for the 1988 Summer time Olympics, Seoul’s navy leaders razed run-down neighborhoods to construct stadiums, parks and transit networks.
Neighborhoods in southern Seoul — “Gangnam” means “south of the [Han] river” — benefited essentially the most from these initiatives and rapidly turned related to the brand new South Korea — and the nouveau riche.
However those that had been displaced arrange squatter settlements in areas like Guryong, which covers about 66 acres and includes 1,100 households — a quantity that’s steadily getting smaller due to fires, floods and different disasters. A blaze in January destroyed some 60 houses within the village.
The federal government has been attempting to redevelop the world for years, however officers, residents and landowners can’t agree on phrases.
And so the 2 extremes exist facet by facet.
Kim Jin-young, beautician turned property developer, 39
Kim mentioned she climbed the “Gangnam ladder” from backside to high: From her first residence right here, a cramped $450-a-month studio that she shared together with her husband after they acquired married 15 years in the past to the $3.5 million residence they reside in now.
After they acquired married, Kim joined her husband within the property growth enterprise. It opened her eyes to the interior workings of Gangnam’s higher class.
“I used to suppose the wealthy reside in a world completely different from mine,” she mentioned.
Now, she preaches that anybody can enter that world with a tireless work ethic and a proactive angle, an essential mind-set to assist navigate high-risk, high-return strikes like actual property growth investments.
Kim and her husband personal properties price nearly $13 million.
She carries a Hermes purse and not too long ago purchased a Lamborghini. She sends her kids to non-public tutors and not too long ago gave her mother and father a luxurious journey to Europe.
“Individuals say cash can’t purchase happiness, however I’m a lot happier now than once I was out of cash,” Kim mentioned.
Hong Yoon-taek, entrepreneur, 32
Hong opened his start-up firm’s first workplace in Gangnam’s glitzy Cheongdam neighborhood, identified for its streets lined with shops like Louis Vuitton and Chanel and site visitors jams of Porsches.
He may probably not afford the workplace on the time, however he knew the funding would repay: He was strategically focusing on the 1 p.c.
Hong owns a modular development firm and sells prefab housing items which are good as trip cabins for the prosperous residents of Gangnam, he mentioned.
The entrepreneur lives simply 10 minutes from his workplace and spends his free time taking full benefit of the whole lot Gangnam has to supply — from exercising alongside the Han river to exploring fancy native bars and eating places, all inside strolling distance.
“Gangnam is one of the best place for younger professionals to reside in,” he mentioned. “It certainly is dear however well worth the price ticket.”
Lee Received-jun, funding banker, 30
The securities brokerage the place Lee works is one in all South Korea’s finest paying corporations — and amongst its most high-pressure ones, he mentioned.
To compensate for his lengthy workdays, Lee likes to finish the night time with rare-vintage wine and single-malt whiskey. On weekends, he drives his smooth BMW to golf resorts for a day on the greens with associates, household or generally purchasers.
Born and raised in Gangnam, Lee acknowledges his comfy upbringing. As an grownup, he must “work a lot tougher” to proceed having fun with the issues he has had in his life. That is one thing he consistently reminds himself of to endure hectic days at work, which leaves the 30-year-old little time to even date.
The younger financier mentioned Gangnam is “not a simple place,” including that life right here comes at a value. “Since once I was born, Gangnam has been my residence, however to maintain up with my life right here, I’ve to actually hustle to make much more cash,” he mentioned.
Jo Yong-seok, 57, firm proprietor
His day job is working a logistics firm, however Jo describes himself as a “Gangnam dad.” After learning his means out of a southern city to a college in Seoul, Jo acquired married and had two youngsters within the metropolis. They settled in Gangnam, Seoul’s finest neighborhood for training.
Gangnam has greater than 2,400 non-public “cram faculties,” the place youngsters research for hours after their regular day has completed.
In South Korea’s hypercompetitive tutorial atmosphere, practically 80 p.c of kids go to those cram faculties, at a mean price of $320 monthly, based on Statistics Korea.
However many Gangnam mother and father, together with Jo, spend much more. When his son was doing faculty prep as a highschool senior, Jo was spending $1,500 a month on tutoring.
Kim Jung-yeol, 76, retired
Kim would possibly reside on the “unsuitable” facet of Gangnam, however he takes satisfaction in his patch of actual property. Lower than a mile from Jo’s pristine gated neighborhood, Kim lives in a shack that he calls “top-of-the-line” in Guryong.
It’s made out of scrap supplies together with plywood, steel and plastic sheets. Rain leaks by the roof throughout the monsoon season. He makes use of communal bathrooms and baths. However after 35 years right here, he mentioned, it “does probably not trouble me anymore.”
“Right here, I can breathe within the mountain air. I can take heed to my neighbors chatting or simply play with stray canine,” the previous development employee mentioned. “I see these matchbox flats throughout the street and take into consideration what life can be like over there,” he mentioned, nodding on the high-rises. “I might in all probability find yourself feeling remoted and depressed.”
Kim Chong-ho, 60, missionary
Kim is bracing for this summer season’s monsoon season. He did some restore work on his one-bedroom shack after it was hit by a document rainfall and typhoons final summer season.
He first set foot in Guryong three a long time in the past, when he got here to Seoul from a southern island as a penniless jobseeker. “Nobody needs to return right here, however we [Guryong residents] ended up right here as a result of there was no different choice,” he mentioned.
Outdated and impoverished residents of Guryong can’t afford even the rent-controlled public housing proposed by the federal government instead, he mentioned.
“We’re additionally Gangnam residents, however the district officers refuse to accommodate to us. They deal with us as unvoiced,” he mentioned.