Vets’ incomes rise faster than doctors’ as more Koreans choose pets over babies

By Yi Whan-woo

Veterinarians' yearly income has been increasing at a faster pace compared to other highly skilled professionals in Korea, data showed Friday.

These professionals include doctors and lawyers who are at the top of the career pyramid and are frequently mentioned when talking about the country's most lucrative careers.

The data compiled by the National Tax Service and released by Rep. Ahn Do-geol of the main opposition Democratic Party of Korea reflects that Koreans are increasingly opting to live with pets rather than children.

According to the data, the average annual income of veterinarians was 100 million won ($75,900) in 2022, lower than doctors at 400 million won, accountants at 220 million won and tax accountants at 120 million won.

The vets, however, topped the list regarding the pace of yearly income increase. Veterinarians saw their income grow by 12.6 percent each year on average between 2014 and 2022, which is higher than 8.3 percent growth for doctors, who claimed second place, 8.1 percent for labor attorneys and 6 percent for architects.

The yearly income of pharmacists increased 5.5 percent on average, 4.3 percent for accountants, 3.6 percent for dentists and tax accountants, 1.5 percent for licensed customs brokers, 0.2 percent for traditional Korean medicine practitioners and 0.1 percent for patent attorneys.

For lawyers, the growth in their yearly income stagnated at zero percent over the surveyed period.

“A steeper growth in income for veterinarians suggests more people have pets, and there is a higher demand for veterinary care,” Ahn said.

Citing separate government data, the lawmaker said more than 15 million individuals, or approximately one out of every four households nationwide, own dogs, cats or other companion animals.

Accordingly, the pet market is anticipated to be worth around 21 trillion won by 2032 after reaching 8.5 trillion won in 2022.

The market includes pet insurance, which, according to the industry, grew nearly 52 percent in 2023 from the previous year.

Dentists and traditional Korean medicine practitioners earned 100 million won annually on average. Patent attorneys earned 90 million won, while licensed customs brokers and pharmacists both posted 80 million won.

Lawyers fared relatively poorly, posting 70 million won.