This chapter examines the limitations of GDP and GDP per capita as measures of living standards, offering a more comprehensive analysis of South Korea’s development using long-term data. While GDP per capita is a widely used indicator, it fails to capture critical dimensions of well-being, such as leisure time influenced by work hours, environmental quality, and life expectancy. Moreover, it overlooks income distribution, masking the challenges faced by lower-income groups in societies with high income or wealth concentration. By examining historical data on income inequality, working hours, and life expectancy, this chapter assesses Korea’s living standards in a global context, exploring their progress over time and underscoring enduring disparities. The analysis provides deeper insights into Korea’s progress while identifying areas where challenges remain.