Value of 1994 South Korean Won today

₩100 in 1994

₩228.5 in 2023

The inflation rate in South Korea between 1994 and today has been 128.5%, which translates into a total increase of ₩128.5. This means that 100 won in 1994 are equivalent to 228.5 won in 2023. In other words, the purchasing power of ₩100 in 1994 equals ₩228.5 today. The average annual inflation rate between these periods has been 2.89%.

Inflation timeline in South Korea (1994 - 2023)

The following chart depicts the equivalence of ₩100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (KRW) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator	Value
Cumulative inflation 1994-2022	116.44%
Cumulative inflation 1994-today	128.5%
Avg. Annual inflation 1994-2022	2.8%
CPI 1994	52.46
CPI 2022	113.55
CPI 2023-10 (latest official data)	119.51
CPI today	119.87

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Value_t =Value₀ ×

CPI_t/CPI₀

To obtain the values equivalent in buying power between 1994 and 2022, use the corresponding CPI values:

Value₂₀₂₂

=Value₁₉₉₄ ×

CPI₂₀₂₂/CPI₁₉₉₄

=₩ 100 ×

113.55/52.46

≈₩216.44

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 119.87:

Value_today

=Value₁₉₉₄ ×

CPI_today/CPI₁₉₉₄

=₩ 100 ×

119.87/52.46

≈₩228.5

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)ⁿ, where:

FV: Future Value
PV: Present Value
i: Interest rate (inflation)
n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ₩100 worth today. There are 28 years between 1994 and 2022 and the average inflation rate was 2.7961%. Therefore, we can resolve the formula like this:

Value₂₀₂₂

=PV × (1 + i)ⁿ

=₩100 × (1 + 0.027961)²⁸

≈₩216.44

South Korea inflation - Conversion table

Initial Value		Equivalent value
₩1 won in 1994	→	₩2.16 won in 2022
₩5 won in 1994	→	₩10.82 won in 2022
₩10 won in 1994	→	₩21.64 won in 2022
₩50 won in 1994	→	₩108.22 won in 2022
₩100 won in 1994	→	₩216.44 won in 2022
₩500 won in 1994	→	₩1,082.22 won in 2022
₩1,000 won in 1994	→	₩2,164.45 won in 2022
₩5,000 won in 1994	→	₩10,822.23 won in 2022
₩10,000 won in 1994	→	₩21,644.47 won in 2022
₩50,000 won in 1994	→	₩108,222.34 won in 2022
₩100,000 won in 1994	→	₩216,444.69 won in 2022
₩500,000 won in 1994	→	₩1,082,223.43 won in 2022
₩1,000,000 won in 1994	→	₩2,164,446.85 won in 2022

Cumulative inflation From 1994	128.5%
Avg. annual inflation From 1994	2.89%
CPI 1994	52.46
CPI today	119.87

Value of Won over time (by year)

Period	Value
1994	100
1995	104.48
1996	109.63
1997	114.49
1998	123.09
1999	124.1
2000	126.9
2001	132.06
2002	135.71
2003	140.48
2004	145.52
2005	149.53
2006	152.88
2007	156.76
2008	164.08
2009	168.61
2010	173.56
2011	180.55
2012	184.5
2013	186.9
2014	189.28
2015	190.62
2016	192.47
2017	196.21
2018	199.11
2019	199.87
2020	200.95
2021	205.97
2022	216.44
2023-10	227.81
Today	228.5