Value of 1998 South Korean Won today

₩100 in 1998

₩167.91 in 2019

The inflation rate in South Korea between 1998 and today has been 67.91%, which translates into a total increase of ₩67.91. This means that 100 won in 1998 are equivalent to 167.91 won in 2019. In other words, the purchasing power of ₩100 in 1998 equals ₩167.91 today. The average annual inflation rate has been 2.38%.

Inflation timeline in South Korea (1998-2019)

The following chart ilustrates the equivalence of ₩100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1998-2019) 67.75%
Total Inflation* 67.91%
Annual inflation avg. (1998-2019) 2.49%
Annual inflation avg.* 2.38%
CPI 1998 62.21
CPI 2019 104.35
CPI today* 104.45
₩1 in 1998 ₩1.68 in 2019

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 21 years between 1998 and 2019 and the average inflation rate has been 2.3836%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = ₩100 * (1 + 0.02)21 = ₩167.75

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1998 was 62.21 and the CPI today is 104.45. Therefore,

Final value = Initial value *
CPI final/CPI initial
= ₩100 *
104.35/62.21
= ₩167.75

South Korea inflation - Conversion table

Initial Value Equivalent value
₩1 won in 1998 ₩1.68 won today
₩5 won in 1998 ₩8.4 won today
₩10 won in 1998 ₩16.79 won today
₩50 won in 1998 ₩83.95 won today
₩100 won in 1998 ₩167.91 won today
₩500 won in 1998 ₩839.53 won today
₩1,000 won in 1998 ₩1,679.06 won today
₩5,000 won in 1998 ₩8,395.28 won today
₩10,000 won in 1998 ₩16,790.56 won today
₩50,000 won in 1998 ₩83,952.81 won today
₩100,000 won in 1998 ₩167,905.62 won today
₩500,000 won in 1998 ₩839,528.11 won today
₩1,000,000 won in 1998 ₩1,679,056.21 won today

Value of Won in time (by year)

Period Value
1998 100
1999 103.97
2000 105.37
2001 108.3
2002 111.73
2003 115.9
2004 119.86
2005 123.5
2006 126.74
2007 129.38
2008 134.05
2009 139.6
2010 143.51
2011 147.86
2012 154.01
2013 156.21
2014 157.99
2015 159.31
2016 161.11
2017 163.27
2018 165.57
2019 167.75
Today 167.91