When viewers are introduced to Gi-hun, the central figure of Squid Game Season 1, it’s clear he’s struggling financially. His inability to even afford a simple birthday dinner for his daughter, coupled with significant debt, drives his desperate choice to enter the perilous Squid Game – even after grasping the lethal stakes. Emerging as the sole victor, Gi-hun claims a staggering prize of 45.6 billion won.
For an international audience, particularly in the U.S., the Korean currency amount might require a quick conversion. Watching this intense Korean drama often involves pausing to check the won to USD exchange rate. (Currently, in late 2024, approximately 1,447 won equals one US dollar.) The series effectively conveys that 45.6 billion won represents a transformative sum for the Korean participants. But what does this amount truly signify in real-world terms?
Leading up to the highly anticipated Squid Game Season 2, scheduled for release on December 26th, let’s delve into the actual value of this substantial reward in today’s economic landscape.
Breaking Down 45.6 Billion Won in US Dollars
As of December 2024, when this article is being written, the grand prize of 45.6 billion won translates to roughly $31.5 million in United States currency. It’s worth noting that the Korean won is currently experiencing a 15-year low against the US dollar.
Interestingly, the prize money remains consistent for the Squid Game in Season 2, mirroring Season 1, despite a three-year gap in both the show’s timeline and our reality, and in the face of rising living costs in Korea. Back in 2021, 45.6 billion won would have been closer to $38.5 million when converted to USD. Evidently, the game organizers are indifferent to the fluctuations of global currencies or the impact of inflation.
The Purchasing Power of 45.6 Billion Won in Korea
To understand the true impact of 45.6 billion won for an average Korean citizen, let’s consider the local context. The average monthly salary in South Korea is approximately 3.9 million won, which is around $2,696 USD. This annualizes to 46.8 million won (roughly $32,347 USD) before taxes. Gi-hun’s winnings could cover the annual salaries of approximately 974 average Korean workers.
*Gi-hun’s initial financial struggles highlight the life-changing potential of the Squid Game prize money.*
A significant portion of South Korea’s population, about half, resides in the Seoul metropolitan area. Seoul was ranked as the ninth most expensive city for expatriates globally in a 2024 survey. In Seoul’s rental market, a studio apartment outside the city center costs around $475 per month, while a three-bedroom apartment in the city center averages about $2,500 per month, according to recent data.
While these monthly rents might seem relatively affordable from a U.S. perspective, it’s crucial to understand the unique Korean rental system known as jeonse. This system requires tenants to provide a substantial “key money” deposit when leasing a property, which is then returned at the end of the lease term, typically two years. This “key money” often ranges from 50% to 70% of the property’s value, creating a significant barrier to entry for many Koreans in the rental market. As of November 2023, the average jeonse cost in Seoul was 423 million won, approximately $292,000 USD. With his winnings, Gi-hun could easily navigate the rental market, affording the average jeonse deposit for roughly 108 apartments.
Furthermore, the 45.6 billion won prize opens doors to Seoul’s property market, notoriously inaccessible for the average Korean. A government study in 2023 indicated that a Seoul resident would need to save their entire income for 15.2 years to purchase a home in the city. In Gangnam, Seoul’s affluent district made famous by Psy’s global hit “Gangnam Style” in 2012, the average apartment price is around 2.25 billion won, or roughly $1.56 million USD.
And what about fulfilling Gi-hun’s initial desire for fried chicken for his daughter? With his prize money, he could purchase over 1.8 million of the 25,000-won tongdak chickens from August Chicken near Seoul’s Yaksu station. However, as viewers know, his daughter has since relocated to Los Angeles with her mother and stepfather in Season 1.
The Value of 500 Million Won: A Smaller Fortune within the Game
In the opening episode of Season 2, “The Search,” Gi-hun casually offers his network of contacts a 500 million won reward for locating The Recruiter (played by Gong Yoo) within Seoul’s subway system. This sum significantly motivates these individuals. 500 million won equates to approximately $346,000 USD, demonstrating a substantial amount even within the context of Gi-hun’s larger winnings.
*Financial incentives play a crucial role in driving the actions of characters in Squid Game Season 2.*
45.6 Billion Won in the Realm of Billionaire Wealth: A Different Scale
To put 45.6 billion won into a broader perspective, particularly regarding the extreme wealth disparities highlighted in Squid Game‘s social commentary, consider this: Jeff Bezos reportedly earns $1.9 million per hour. This translates to approximately 2.75 billion won per hour, or about $45.8 million in a single 24-hour period. Therefore, Bezos accumulates more wealth in one day than Gi-hun won in the entire deadly competition.
In 2024, Elon Musk surpassed Bezos to become the world’s wealthiest individual, with his net worth recently exceeding $400 billion. To amass a fortune of this magnitude, Gi-hun would need to win the Squid Game over 12,700 times.
In conclusion, while 45.6 billion won is undeniably a life-altering amount of money, especially in South Korea, it exists on a vastly different scale when compared to the astronomical wealth of the world’s billionaires, a point powerfully illustrated by the themes explored in Squid Game.
