When we are introduced to Seong Gi-hun (Lee Jung-jae), the relatable protagonist of Squid Game Season 1, his financial struggles are immediately apparent. Unable to even afford a simple birthday chicken dinner for his daughter, Gi-hun’s dire circumstances and mounting debt become the driving force behind his fateful decision to enter the Squid Game – a choice he makes even after grasping the deadly consequences. Ultimately, Gi-hun emerges as the sole survivor of this brutal competition, claiming the grand prize of 45.6 billion won.
For many international viewers, especially those in the U.S., watching the gripping Korean drama Squid Game often involves a quick detour to Google to convert Korean won (KRW) to US dollars (USD), particularly when such a significant sum of money is at stake. Currently, the exchange rate hovers around $1 USD to approximately 1,447 KRW. The series effectively conveys that 45.6 billion won is a life-altering amount for the debt-ridden contestants. But to truly grasp its impact, we need to delve deeper into what this prize money actually translates to in real-world terms.
As we eagerly anticipate Squid Game Season 2, set to premiere on December 26th, let’s dissect the actual value of Gi-hun’s winnings in a contemporary 2024 context.
The USD Conversion: 45.6 Billion Won in 2024
As of December 2024, when this article is being written, the coveted 45.6 billion won prize from the Squid Game equates to roughly $31.5 million USD. It’s important to note that the Korean won is currently experiencing a 15-year low against the U.S. dollar.
Interestingly, the prize amount remains unchanged for the upcoming Season 2, mirroring the first season’s stakes despite a three-year gap in both the show’s timeline and our own reality. During this period, the cost of living in South Korea has demonstrably risen. Back in 2021, when Season 1 captivated global audiences, 45.6 billion won would have been closer to $38.5 million USD. This discrepancy highlights that the enigmatic organizers behind the Squid Game seem indifferent to the fluctuations of global currency markets and the impact of inflation.
Purchasing Power in South Korea: What Can 45.6 Billion Won Buy?
To understand the true magnitude of Gi-hun’s winnings, we need to consider the average financial landscape in South Korea. The average monthly salary in Korea is around 3.9 million won, which translates to approximately $2,696 USD. Annually, this amounts to 46.8 million won (roughly $32,347 USD) before taxes. With his prize money, Gi-hun could theoretically cover the annual salaries of approximately 974 average Korean workers.
Geographic context is also crucial. About half of South Korea’s population resides in the Seoul Metropolitan Area, which was ranked as the ninth most expensive city globally for expatriates in a 2024 survey. Seoul’s rental market presents a range of costs. A studio apartment outside the city center might rent for around $475 USD per month, while a more spacious three-bedroom apartment in the city center could command around $2,500 USD per month.
While these monthly rents might seem comparatively affordable from a U.S. perspective, it’s essential to understand the unique Korean rental system known as jeonse. This system typically requires tenants to provide a substantial lump sum of “key money” upfront when leasing a property. This “key money,” often ranging from 50% to 70% of the property’s value, is returned to the tenant at the end of the lease term, usually after two years. This significant financial barrier makes entering the rental market incredibly challenging for many Koreans. In November 2023, the average jeonse cost in Seoul was 423 million won, roughly $292,000 USD. With his Squid Game winnings, Gi-hun could effortlessly navigate this system and afford the average jeonse deposit for approximately 108 apartments.
Beyond renting, Gi-hun’s fortune unlocks access to Seoul’s property market, notoriously inaccessible for the average Korean citizen. A 2023 state-issued study revealed that a Seoul resident would need to save every single penny of their income for a staggering 15.2 years to afford a home in the city. In Gangnam, Seoul’s most affluent district, made globally famous by Psy’s 2012 hit “Gangnam Style”, the average apartment sells for around 2.25 billion won, approximately $1.56 million USD.
And what about that fried chicken Gi-hun couldn’t initially afford? With his winnings, he could now purchase over 1.8 million of the 25,000-won tongdak chickens from this August Chicken branch near Seoul’s Yaksu station. However, in a poignant twist, his daughter had already relocated to Los Angeles with her mother and stepfather in Season 1, highlighting that money can solve some problems but not mend all familial distances.
The Bonus: 500 Million Won in Episode 2
In “Squid Game” Season 2 Episode 1, titled “The Search,” Gi-hun casually offers his network of gangsters a 500 million won reward for locating Gong Yoo’s enigmatic character, The Recruiter, within Seoul’s sprawling subway system. The gangsters are clearly highly motivated by this sum, which translates to approximately $346,000 USD. This smaller amount, while a fraction of the grand prize, still represents a significant fortune, emphasizing the life-changing scale of Gi-hun’s overall winnings.
Wealth Perspective: Comparing 45.6 Billion Won to Billionaires
To further contextualize the enormity of 45.6 billion won, especially within the satirical commentary on wealth inequality presented in Squid Game, let’s compare it to the wealth of billionaires like Jeff Bezos and Elon Musk. Jeff Bezos reportedly earns $1.9 million USD per hour, which equates to roughly 2.75 billion won or about $1.9 million USD in a single day. This means Bezos amasses more wealth in one day than Gi-hun won in the deadly Squid Game.
In 2024, Elon Musk surpassed Bezos to become the world’s wealthiest individual, with his net worth recently exceeding $400 billion USD, partly fueled by market reactions to political events. To accumulate a fortune equivalent to Musk’s, Gi-hun would have to win the Squid Game over 12,700 times.
These comparisons starkly illustrate the immense gap between Gi-hun’s seemingly life-altering winnings and the astronomical wealth of the world’s richest individuals, reinforcing Squid Game‘s poignant commentary on economic disparity.
