When we are introduced to Gi-hun, the main character of Squid Game Season 1, we see a man struggling financially, unable to even afford a birthday chicken dinner for his daughter. This stark poverty, amplified by overwhelming debt, is the driving force behind Gi-hun’s fateful decision to enter the Squid Game—a choice he makes even after realizing the deadly consequences. Emerging as the sole victor, Gi-hun claims the grand prize of 45.6 billion won.
For viewers in America and other countries, watching the gripping Korean drama Squid Game often involves a quick detour to Google, pausing the intense action to convert the Korean won to USD. (As of December 2024, the exchange rate is approximately $1 USD to 1,447 won.) The series emphasizes that 45.6 billion won is an astronomical, life-altering sum for the contestants. But to truly grasp its magnitude, we need to understand what that amount actually translates to in real terms.
In anticipation of Squid Game Season 2, premiering on December 26th, let’s delve into the real value of the prize money in a 2024 context.
45.6 Billion Won to USD: The Conversion
As of December 2024, when this article is being written, the 45.6 billion won prize from Squid Game is equivalent to roughly $31.5 million in United States dollars. It’s worth noting that the Korean won is currently experiencing a 15-year low against the U.S. dollar.
Interestingly, the prize amount remains the same for Season 2 as it was in Season 1. Despite a three-year gap both in the show’s timeline and in our reality, and despite the rising cost of living in Korea, the 45.6 billion won has not been adjusted. Back in 2021, when Season 1 aired, that sum would have been closer to $38.5 million when converted to USD. Evidently, the game organizers are indifferent to the fluctuations of global currencies and inflation.
What 45.6 Billion Won Buys You in South Korea
To understand the real impact of 45.6 billion won, we need to consider its purchasing power within South Korea. What does this amount signify for an average Korean citizen? The average monthly salary in South Korea is about 3.9 million won, which translates to roughly $2,696 USD. Annually, this amounts to 46.8 million won (around $32,347 USD) before taxes. With his Squid Game winnings, Gi-hun could theoretically cover the annual salaries of approximately 974 average Korean workers.
A significant portion of South Korea’s population, about half, resides in the Seoul metropolitan area. In 2024, Seoul was ranked as the ninth most expensive city for expatriates. Looking at 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 can go for about $2,500 per month.
These monthly rents might seem relatively affordable from a U.S. perspective. However, it’s crucial to understand the unique Korean rental system known as jeonse. This system requires tenants to pay a substantial lump sum of “key money” to the landlord at the start of the lease, which is then returned at the end of the typical two-year lease term. This “key money” often ranges from 50% to 70% of the property’s value, creating a significant barrier to entry for many renters. 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 about 108 apartments.
Beyond renting, Gi-hun’s 45.6 billion won prize opens doors to Seoul’s daunting property market, which is largely out of reach for the average Korean citizen. A government study in 2023 indicated that a Seoul resident would need to save every penny of their income for 15.2 years to afford a home in the city. In Gangnam, Seoul’s most affluent district, made globally recognized by Psy’s hit song “Gangnam Style” in 2012, the average apartment sells for around 2.25 billion won, or $1.56 million USD.
And what about fried chicken, the very thing Gi-hun couldn’t afford at the beginning of Squid Game? He could now purchase over 1.8 million of the 25,000-won tongdak chickens from the August Chicken branch near Seoul’s Yaksu station. However, in a poignant twist, his daughter had already moved to Los Angeles with her mother and stepfather in Season 1, highlighting that money doesn’t solve all problems.
45.6 Billion Won vs. Extreme Wealth
To further contextualize 45.6 billion won, let’s consider other amounts within Squid Game and in the realm of global wealth. In Season 2, Episode 1, “The Search,” Gi-hun casually offers his gangster contacts a 500 million won reward for locating The Recruiter (played by Gong Yoo) in the Seoul subway system. This sum, approximately $346,000 USD, is presented as highly motivating to these individuals, demonstrating a significant amount of money within the show’s narrative.
However, when we compare 45.6 billion won to the immense fortunes of the world’s wealthiest individuals, its scale drastically changes. Jeff Bezos, for instance, earns $1.9 million per hour. That’s about 2.75 billion won, or roughly $45.8 million USD, in a single 24-hour period – exceeding Gi-hun’s entire Squid Game prize in just one day.
In 2024, Elon Musk surpassed Bezos to become the wealthiest person globally. His net worth recently surpassed $400 billion, driven in part by market reactions to political events. To amass a fortune of that magnitude, Gi-hun would have to win the Squid Game over 12,700 times.
In conclusion, while 45.6 billion won is undeniably a transformative sum of money, capable of radically altering a person’s life in South Korea by providing financial security and access to housing and resources, it pales in comparison to the unfathomable wealth accumulated at the highest echelons of global capitalism. This stark contrast underscores one of the central themes of Squid Game: the crushing weight of economic disparity and the desperate measures people take within a system of extreme inequality.
