Foreigners in Korea aging alongside locals: data

According to the latest data from Statistics Korea, the number of senior foreign residents in South Korea is steadily increasing and is projected to make up over 10% of the total foreign population within the next decade. As of 2022, there are approximately 95,000 senior foreign residents in South Korea, defined as those aged 65 and above. However, this number is expected to grow significantly over the next few decades due to various factors such as an aging population and an increasing number of retirees moving to South Korea for various reasons.

By 2030, the number of senior foreign residents is projected to reach 204,000, and this figure is expected to continue rising. By 2038, there will be an estimated 301,000 senior foreign residents in South Korea, and by 2042, this number is projected to reach 344,000.

The reasons for this trend include South Korea's aging population, which is one of the fastest-aging populations in the world, and its attractive retirement options for foreigners. The country offers various incentives for retirees, such as tax benefits and healthcare subsidies, making it an attractive destination for seniors from around the world.

Moreover, South Korea's advanced healthcare system and high standard of living are also significant factors attracting seniors to the country. Additionally, the increasing number of English-speaking Koreans and the availability of English-language resources make it easier for foreign seniors to integrate into Korean society.

The aging of the foreign population in South Korea also has implications for the country's social welfare system and healthcare infrastructure. As the number of seniors grows, there will be an increased demand for services and resources tailored to their needs. The government and local communities will need to adapt and provide adequate support for this growing demographic to ensure their well-being and quality of life.

In conclusion, the number of senior foreign residents in South Korea is projected to continue growing significantly over the next few decades, reaching over 344,000 by 2042. This trend has implications for the country's social welfare system and healthcare infrastructure and highlights the need for adaptation and provision of adequate support for this growing demographic.