Season 1 introduces Gi-hun (Lee Jung-jae), struggling financially and deeply in debt, unable to afford his daughter’s birthday treat. This dire financial situation underscores the deadly game’s significance, even after he wins. His victory yields a 45.6 billion won prize.
For American viewers, understanding the Squid Game prize requires converting Korean won to USD. (Currently, $1 ≈ 1,447 won.) The show highlights the life-altering sum for Korean contestants. But what does this mean concretely?
Before Squid Game Season 2’s December 26th release, let’s analyze the prize’s actual value in 2024.
How much is 45.6 billion won in USD?
As of December 2024, 45.6 billion won equals approximately $31.5 million. The Korean won fluctuates against the U.S. dollar.
The Season 2 prize remains unchanged from Season 1, despite three years passing in both the show and real life. In 2021, 45.6 billion won would have been closer to $38.5 million USD. The game’s organizers seem unconcerned with currency fluctuations or other external factors.
What will 45.6 billion won get you in Korea?
For a typical Korean, 45.6 billion won is substantial. The average annual salary is 3.9 million won (about $2,696), totaling 46.8 million won annually ($32,347) before taxes. Gi-hun’s winnings could cover the yearly salaries of approximately 974 Korean workers.
Over half of South Korea’s population struggles with housing affordability, ranking poorly in a 2024 survey. Seoul rents range from roughly $475 monthly outside the city center to about $2,500 monthly in central areas.
While U.S. viewers may see these rents as inexpensive, Korea’s unique rental system influences affordability. The “jeonse” system requires a large upfront “key money” deposit (50-70% of property value), returned at lease end (typically two years). This makes entering the rental market challenging for many Koreans. The average jeonse cost was 423 million won ($292,000). Gi-hun could easily afford 108 average jeonse payments.
Gi-hun could also afford homes in Seoul’s expensive areas, inaccessible to most Koreans. Purchasing a Seoul home requires 15.2 years of saving all income. A home in Gangnam (famous from the song) sells for approximately 2.25 billion won ($1.56 million).
As for fried chicken? Gi-hun could buy over 1.8 million 25,000-won tongdak meals near Seoul’s Yaksu station. Sadly, his daughter moved to Los Angeles with her mother and stepfather in Season 1.
How much is 500 million won?
In Season 2, Episode 1 (“The Search”), Gi-hun offers 500 million won ($346,000) to gangsters for finding Gong Yoo’s “Recruiter” in the Seoul subway.
How much is 45.6 billion won compared to the wealth of Jeff Bezos and Elon Musk?
To illustrate the vast wealth disparity, Jeff Bezos’ daily earnings equate to approximately 2.75 billion won ($45.8 million)—more in a day than Gi-hun won in the entire game.
In 2024, Elon Musk surpassed Bezos in net worth; its recent value is significant. Gi-hun would need to win the game over 12,700 times to match Musk’s wealth.