Is Busan where rich people live?

Busan is a city in South Korea with a population of over 3.4 million inhabitants as of 2017. According to an article in Korea JoongAng Daily, Haeundae Marine City is Busan’s new luxury neighborhood, where super-tall apartment complexes are not far from premium brand stores.

The area is where tourism, shopping, leisure activities, and investments all take place. The range of luxury brands got even wider after the mall renewed the masterpiece and men’s sections in March. Luxury goods account for about 30 percent of Centum City’s total sales.

It recorded the second-highest luxury goods sales among all Shinsegae branches, with 824 billion won ($767 million) in 2012 and a projected 900 billion won for last year. The branch aims to become the very first regional branch to mark 1 trillion won in sales.

Foreign carmakers such as Porsche, BMW, Mercedes-Benz, Bentley, Maserati, and Lamborghini have showrooms and service centers in Haeundae.

The concentration of wealthy people in Busan and South Gyeongsang has increased in recent years due to the booming real estate market. However, it is not accurate to say that Busan is where rich people live.