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Officially the Seoul Special City, Seoul is the capital of South Korea. The city is the country’s largest metropolis where modern skyscrapers, high-tech subways and pop culture meet Buddhist temples, palaces and street markets. With surrounding Incheon metropolis and Gyeonggi province, Seoul forms the heart of the Seoul Capital Area, home to roughly half of the country’s population. Seoul is ranked as the fourth largest metropolitan economy in the world and is larger than London and Paris.
With a long and rich history, the Seoul Capital Area contains 5 UNESCO World Heritage Sites: Changdeok Palace, Hwaseong Fortress, Jongmyo Shrine, Namhansanseong and the Royal Tombs of the Joseon Dynasty. More recently, Seoul has been a major site of modern architectural construction–major modern landmarks include the N Seoul Tower, the 63 Building, the Lotte World Tower, the futuristic Dongdaemun Design Plaza, Lotte World, Trade Tower, COEX, and the Parc1 Tower. Seoul was named the 2010 World Design Capital. Also the birthplace of K-pop and the Korean Wave, Seoul received over 10 million international visitors in 2014, making it the world’s 9th most visited city and 4th largest earner in tourism.
Today, Seoul is considered a leading and rising global city, resulting from a South Korean economic boom called the Miracle on the Han River, which transformed it to the world’s 4th largest metropolitan economy with a GDP of US$845.9 billion in 2014 after Tokyo, New York City and Los Angeles. International visitors generally reach Seoul via AREX from the Incheon International Airport, notable for having been rated the best airport for nine consecutive years (2005–2013) by the Airports Council International. In 2015, it was rated Asia’s most livable city with the second highest quality of life globally by Arcadis, with the GDP per capita (PPP) in Seoul being $39,786.
Inhabitants of Seoul are faced with a high cost of living, for which the city was ranked 6th globally in 2017. Seoul is also an extremely expensive real estate market, ranked 7th in the world for the price of apartments in the downtown center. With major technology hubs centered in Gangnam and Digital Media City, the Seoul Capital Area is home to the headquarters of 15 Fortune Global 500 companies, including Samsung, LG, and Hyundai. Ranked 6th in the Global Power City Index and Global Financial Centres Index, the metropolis exerts a major influence in global affairs as one of the 5 leading hosts of global conferences.
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