On a crisp December morning in Seoul, the city’s Gwanghwamun Square bustled with holiday cheer as residents flocked to a Christmas market, sipping coffee and browsing festive stalls. Yet beneath the twinkling lights and laughter, a stark economic reality lurked: Seoul, South Korea’s capital, has become one of the world’s most expensive cities—not just for visitors, but for its own people.
According to a recent survey by Time Out, which polled 18,000 residents across more than 100 cities globally, Seoul now tops the list for costly nightlife and entertainment. Only 30% of Seoulites surveyed felt that eating out at a restaurant was reasonably priced. The numbers dropped even further for other leisure activities, with just 21% describing nightlife as affordable and 27% saying the same about drinks. These figures paint a vivid picture of a city where the price of fun is climbing ever higher, leaving many residents to weigh their options before splurging on a night out.
Seoul’s reputation for high costs isn’t limited to entertainment. The city is also home to South Korea’s wealthiest families, the so-called "chaebols"—family-controlled conglomerates that dominate the national economy. On December 18, 2025, CEO Score, a local business watchdog, published a detailed analysis of where these business dynasties reside. The findings were eye-opening: nearly 94% of 436 surveyed chaebol family members, all from conglomerates with assets exceeding 11.6 trillion won (about 7.84 billion USD), live in Seoul. The survey excluded spouses and family members under 30, focusing only on those with officially registered addresses.
Within Seoul, the concentration of wealth is even more pronounced. Three districts—Yongsan-gu, Gangnam-gu, and Seocho-gu—stand out as magnets for the country’s richest. Yongsan-gu claims the largest share, with 127 chaebol members (29.1%) calling it home. Gangnam-gu, long synonymous with luxury and the globally viral "Gangnam Style," follows with 113 residents (25.9%), while Seocho-gu is close behind with 65. All three districts are not only coveted addresses for the elite but also represent the most expensive housing markets in South Korea.
The neighborhoods of Hannam-dong and Itaewon-dong, both within Yongsan-gu, are particularly notable. Together, they house 100 chaebol family members—22.9% of all surveyed—making them the most exclusive enclaves in the country. Walking down Itaewon-ro, one might pass by the homes of some of South Korea’s most influential business leaders: Samsung Electronics Chairman Lee Jae-yong, his sister Lee Boo-jin (CEO of Hotel Shilla), and Lee Seo-hyun (Chair of Samsung C&T) all reside here. The area is also home to Hyundai Motor Group Chairman Chung Eui-sun and his uncle, Chung Mong-joon, who chairs the Asan Foundation. The presence of these titans of industry underscores the district’s status as a symbol of both affluence and influence.
For the average Seoul resident, however, such wealth can feel a world away. The Time Out survey’s findings reflect a growing sense of frustration among locals, many of whom struggle to keep pace with soaring prices. While the survey focused on the cost of leisure rather than rent or groceries, it’s no secret that housing in Seoul’s most desirable districts is out of reach for most. The CEO Score report highlights that these same areas—Yongsan, Gangnam, and Seocho—are also the priciest when it comes to real estate, creating a cityscape where luxury towers and high-end boutiques stand in stark contrast to more modest neighborhoods.
Of course, Seoul is not alone in grappling with the challenges of urban affordability. The Time Out survey found that Oslo, Norway, is the most expensive city worldwide for food and drink services, with only 24% of locals considering prices reasonable. London, UK, meanwhile, was rated the priciest for a night out—just 16% of Londoners felt a night on the town was affordable. Yet London offers a silver lining: 83% of its residents said arts and culture experiences, from world-class museums to galleries featuring the likes of Monet and Michelangelo, are affordable or even free. This accessibility helps offset some of the city’s other high costs, offering locals and tourists alike a chance to enjoy the city’s rich cultural life without breaking the bank.
Contrast this with cities like Medellin and Bogotá in Colombia, which were rated as the cheapest for living costs. In Medellin, a whopping 89% of residents said restaurant prices were reasonable, 83% said the same for drinks, and 94% felt coffee was affordable. Beijing and Shanghai also made the list for low-cost living, with 73% and 72% of respondents, respectively, rating theater tickets as inexpensive. Even in the United States, New Orleans stood out as the only city to make the list for high living costs, highlighting the global diversity in urban affordability.
So what’s driving the high costs in Seoul? Experts point to a complex mix of factors. The city’s status as a global business hub, its appeal to both local and international investors, and the clustering of corporate headquarters all contribute to sky-high property values. The presence of chaebol families in the most exclusive neighborhoods further pushes up prices, as demand for luxury homes outpaces supply. At the same time, a vibrant nightlife and entertainment scene—while a draw for tourists—means that prices for everything from cocktails to concert tickets remain steep.
For many Seoulites, the city’s vibrancy is both a blessing and a curse. The abundance of restaurants, bars, and cultural events makes for a dynamic urban experience, but the price tag can be daunting. As one resident put it during the Time Out survey, "It’s a great place to live if you can afford it, but sometimes it feels like the city is leaving regular people behind." The sentiment is echoed by others who find themselves priced out of the city’s trendiest districts and most popular venues.
Policymakers have taken note of these concerns, with some local officials exploring ways to make Seoul more accessible. Ideas range from expanding affordable housing initiatives to increasing support for free or low-cost cultural programs. Yet change is slow, and for now, the city’s economic divide remains as stark as ever.
As the holiday lights flicker across Seoul and families gather to celebrate, the city’s dual identity—as both a playground for the wealthy and a home for millions of ordinary people—comes into sharp relief. For those with the means, life in Seoul’s luxury districts offers unparalleled comfort and convenience. For everyone else, the rising cost of living is a constant reminder that the price of urban prosperity is often paid by those on the margins.
Seoul’s story, in many ways, is a microcosm of the broader challenges facing global cities today: balancing growth and opportunity with affordability and inclusion. As 2025 draws to a close, the city’s future will depend on finding ways to ensure that its vibrancy and success are shared by all who call it home.
