Value of 2016 South Korean Won today

₩100 in 2016
₩119.09 in 2024

The inflation rate in South Korea between 2016 and today has been 19.09%, which translates into a total increase of ₩19.09. This means that 100 won in 2016 are equivalent to 119.09 won in 2024. In other words, the purchasing power of ₩100 in 2016 equals ₩119.09 today. The average annual inflation rate between these periods has been 2.21%.

Inflation timeline in South Korea (2016 - 2024)

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 2016-2023 16.5%
Cumulative inflation 2016-today 19.09%
Avg. Annual inflation 2016-2023 2.21%
CPI 2016 100.97
CPI 2023 117.63
CPI 2024-03 (latest official data) 120.11
CPI today 120.25

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:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 2016 and 2023, use the corresponding CPI values:

Value2023
=Value2016 ×
CPI2023/CPI2016
=₩ 100 ×
117.63/100.97
₩116.5

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 120.25:

Valuetoday
=Value2016 ×
CPItoday/CPI2016
=₩ 100 ×
120.25/100.97
₩119.09

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 7 years between 2016 and 2023 and the average inflation rate was 2.2055%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=₩100 × (1 + 0.022055)7
₩116.5

South Korea inflation - Conversion table

Initial Value Equivalent value
₩1 won in 2016 ₩1.16 won in 2023
₩5 won in 2016 ₩5.82 won in 2023
₩10 won in 2016 ₩11.65 won in 2023
₩50 won in 2016 ₩58.25 won in 2023
₩100 won in 2016 ₩116.5 won in 2023
₩500 won in 2016 ₩582.49 won in 2023
₩1,000 won in 2016 ₩1,164.98 won in 2023
₩5,000 won in 2016 ₩5,824.9 won in 2023
₩10,000 won in 2016 ₩11,649.81 won in 2023
₩50,000 won in 2016 ₩58,249.04 won in 2023
₩100,000 won in 2016 ₩116,498.09 won in 2023
₩500,000 won in 2016 ₩582,490.44 won in 2023
₩1,000,000 won in 2016 ₩1,164,980.88 won in 2023
Cumulative inflation From 2016 19.09%
Avg. annual inflation From 2016 2.21%
CPI 2016 100.97
CPI today 120.25

Value of Won over time (by year)

Period Value
2016 100
2017 101.94
2018 103.45
2019 103.85
2020 104.4
2021 107.01
2022 112.46
2023 116.5
2024-03 118.96
Today 119.09

All available years

Today's value of south korean won by year:

1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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