Netflix's hit series Squid Game has not only captivated audiences with its gripping narrative and intense characters but has also drawn viewers' attention to the staggering amounts of money at stake. Central to this story is the eye-popping prize of 45.6 billion won, which has left many American viewers reaching for their calculators to convert this figure to U.S. dollars. The conversion process has emerged as an intriguing puzzle, creating fascination around just how much this life-changing sum truly means.
When audiences first encounter the protagonist, Gi-hun, played by Lee Jung-jae, he is portrayed as living on the brink of desperation. His failure to purchase his daughter’s birthday dinner due to overwhelming debt sets the stage for his involvement in the deadly competition (reported by Time). Once the dust settles, Gi-hun emerges as the sole victor of the brutal game, walking away with the immense sum of 45.6 billion won.
To put this figure in perspective, as of December 2024, the prize pot converts roughly to about $31.5 million USD. This figure has seen considerable fluctuation, as just three years prior, the same amount would approximately equate to $38.5 million USD (reported by TheWrap). The devaluation of the Korean won against the U.S. dollar highlights broader economic trends at play, illustrating the financial stakes involved for both the contestants and the nation.
How significant is 45.6 billion won when measured against the cost of living and average salaries within South Korea? The average monthly earnings for South Koreans hover around 3.9 million won, or approximately $2,696. With these winnings, Gi-hun could theoretically pay the annual salaries of around 974 workers (reported by Time). For many, such comparative figures shed light on the eventuality of Gi-hun’s choice to participate under the extreme duress of dire financial conditions.
The cost of living paints another stark picture; for example, the rental market can be somewhat accessible or nearly impossible depending on geographical location. Outside Seoul’s busy center, renting a studio apartment may cost around $475 monthly, whereas larger accommodations push rent to $2,500 monthly. Yet, complications arise from the unique rental practices, such as jeonse—a system where significant sums of money are deposited upfront before tenants can move in. With Gi-hun’s massive winnings, the potential for rental would expand tremendously; he could afford to pay the mean jeonse for roughly 108 apartments, equipping him with more than one roof over his head (reported by Time).
Gi-hun’s newfound wealth would also allow him entry to Seoul's notoriously skyrocketing property market, historically just out of reach for the general populace. According to state-issued data from 2023, it would take the average Seoul resident over 15 years without spending to afford just one apartment. With properties varying dramatically, apartments in the affluent Gangnam area cost upwards of 2.25 billion won ($1.56 million).
What about those smaller amounts of money circulating within Season 2 of the show? Early scenes introduce another figure: 500 million won, which is about $346,000 USD (reported by TheWrap). This amount is dangled enticingly as Gi-hun attempts to recruit his network of gangsters, demonstrating just how motivating such financial stakes are within both the game and the plot. The reference to this amount emphasizes the varying levels of financial impact on players involved.
The very nature of Squid Game also ventures to critique the absurdity of wealth accumulation. For perspective, it’s notable to draw comparisons with some of the world’s wealthiest individuals. For example, Jeff Bezos reportedly earns around $1.9 million per hour, amounting to about 2.75 billion won—or about $45.8 million daily. For Gi-hun, winning the game equates to vastly less than what billionaires accrue within just one day of work. To put it bluntly, earning 45.6 billion won would mean Gi-hun has to win the game over 12,700 times to match Elon Musk’s staggering net worth, which recently soared over $400 billion (reported by Time).
Indeed, as viewers gear up for the anticipated Season 2 release on December 26, 2024, the series invites contemplation not just on the characters caught within its deadly games but also on the socioeconomic dynamics and stark inequalities portrayed through the lens of fortune and misfortune. The heart-pounding drama intertwined with residual financial insights continues to be the crux of this storytelling phenomenon, creating the longing for the next chapter.
