How Much Money is Squid Game’s 45.6 Billion Won Prize?

As a long-time fan of Korean dramas and someone who has always been fascinated by the intricacies of different economies, the financial aspect of “Squid Game” has always intrigued me. The series’ portrayal of 45.6 billion won and its impact on the life of Gi-hun, a character struggling with crippling debt, is a stark reminder of the immense power that money holds in our lives.

At the beginning of Season 1, we’re introduced to the main character of Squid Game, Gi-hun (played by Lee Jung-jae), who is struggling financially and can’t afford to buy his daughter birthday fried chicken due to his overwhelming debt. This financial predicament, exacerbated by his debts, influences Gi-hun’s choice to participate in the Squid Game, despite learning about its lethal nature. In a surprising turn of events, Gi-hun is the sole survivor of this competition and walks away with an astounding 45.6 billion won.

Viewing the popular South Korean survival drama Squid Game from an American perspective might involve pausing intense scenes to look up the current exchange rate between won and USD, as at the time of writing, it’s approximately $1 equals around 1,447 won. The series implies that 45.6 billion won is a huge sum of money for the Korean contestants, but to better understand its tangible value, let’s consider some real-world examples:

As a die-hard film enthusiast eagerly awaiting the release of Squid Game Season 2 on December 26, I can’t help but ponder about the true value of the grand prize in today’s world, that is, four years from now in 2024.

How much is 45.6 billion won in USD?

By December 2024, when this article was penned, the prize pool amounting to approximately 45.6 billion Korean Won translates to around $31.5 million. It’s worth mentioning that the value of the Korean won has dropped to a 15-year low compared to the U.S. dollar at that time.

In Season 2, just like in Season 1, the total reward for the game remains unchanged, despite the fact that three years have passed both in our world and the show’s universe, and the cost of living in South Korea has risen significantly. When you convert the KRW 45.6 billion prize money from 2021 to US dollars, it would have been approximately $38.5 million. It seems that those who manage the game are indifferent to currency fluctuations and inflation.

What will 45.6 billion won get you in Korea?

45.6 billion won, which is approximately $32,347,000 in American dollars, represents a substantial sum for an average worker in Korea, as their annual salary is around 46.8 million won, or about $32,347 before taxes. To put it into perspective, this amount could cover the yearly salaries of nearly 1,000 average Korean workers.

Approximately half the nation’s population resides within the metropolitan region that encompasses Seoul, which was identified as the ninth most expensive city globally for expats according to a 2024 survey. In the Seoul real estate market, you can expect to pay around $475 monthly for a studio apartment situated outside of the city center or approximately $2,500 per month for a three-bedroom apartment in the heart of the city.

When considering monthly rent in Korea from an American point of view, it may seem inexpensive, but there’s a unique payment system called “jeonse” that needs to be taken into account. This system requires tenants to pay a large initial deposit, often equal to 50-70% of the apartment’s value, which is returned at the end of the lease term, typically two years. For many Koreans, this high upfront cost makes it challenging or impossible to enter the rental market. By November 2023, the average jeonse cost was approximately $292,000 (423 million won). After winning the game, Gi-hun would have enough money to cover the average jeonse cost for around 108 apartments.

With a prize of 45.6 billion won from the game, Gi-hun could easily invest in Seoul’s property market, which is extremely challenging for the typical Korean resident to enter. A study published by the government in 2023 revealed that a person living in Seoul would need to save every penny of their income for 15.2 years to afford a house in the city. The average apartment price in Gangnam, Seoul’s wealthiest neighborhood (famed worldwide from Psy’s 2012 hit “Gangnam Style”), is approximately 2.25 billion won or $1.56 million.

Regarding fried chicken, Gi-hun now has the means to purchase a considerable amount of it, specifically over 1.8 million pieces of the 25,000-won tongdak from this August Chicken branch near Seoul’s Yaksu station. Unfortunately, his daughter moved away with her mother and stepfather in Season 1, leaving Gi-hun to enjoy his chicken solo.

How much is 500 million won?

In Episode 1 of Season 2, titled “The Search,” Gi-hun proposes a reward of 500 million won to his underworld contacts if they can locate Gong Yoo’s character, The Recruiter, somewhere within the Seoul subway system. This substantial sum of money, roughly equivalent to $346,000, significantly inspires their determination.

How much is 45.6 billion won compared to the wealth of Jeff Bezos and Elon Musk?

Let’s look at some closing figures that seem fitting when considering the absurdity of wealth amassment under capitalism as portrayed in Squid Game: Jeff Bezos earns approximately $1.9 million each hour, which is equivalent to around 2.75 billion won or about $45.8 million in a single day. This means he makes more in just one of his days than Gi-hun’s total winnings from winning the entire game.

In 2024, Elon Musk surpassed Jeff Bezos as the world’s richest individual; his net worth currently exceeds $400 billion, primarily due to Donald Trump’s re-election. For Gi-hun to amass that amount, he would need to win the game approximately 12,700 times.

2024-12-26 17:06