Both the Greater Gangnam Area and Gangnam itself are widely known for its heavily concentrated wealth and very high standard of living, which has been compared to cities such as
Beverly Hills, California. The most significant indicator is its extremely expensive real estate. Seoul as a whole is known for its expensive housing prices—as of 2011, its average apartment cost approximately US$5,500 per m2—but the average price in Gangnam is almost twice as high, roughly US$10,000 per m2, which is 3.5 times the nationwide average. This is driven in part by the price of land: the 40 km2 making up Gangnam district rivals in valuation with the entirety of the city of
Busan, the second-largest city in South Korea which occupies 770 km2. Combined with the neighboring districts of
Seocho and
Songpa, the Greater Gangnam Area accounts for almost 10% of the land value of the entire country. While Seoul's traditional business centers such as
Central District,
Jongno District,
Yongsan District and
Yeongdeungpo District still maintain their leading roles, Gangnam and its neighboring districts have swiftly become the new core across all areas of business over the last few decades.
KOSPI 200 companies based in Gangnam district include
KEPCO,
GS Group,
Hyundai Department Store Group,
HiteJinro,
Hansol,
Hankook,
Hyundai Glovis and Korea Zinc Corporation. Besides,
POSCO also operates POSCO Center in
Teheran Valley, and
KT&G operates Kosmo Tower. Other notable companies based in Gangnam include
Dongbu Fire Insurance, Young Poong Group,
T'way Airlines and
Procter & Gamble Korea. Gangnam is also home to many
IT and other internet-related companies including
NC Soft and
Pandora TV, and is also a strong hub of the country's financial and banking sectors. Many international companies also operate key offices in Gangnam, including
Google,
IBM,
Toyota, and
AMI. Since January 2012, the area has also been home to
FNC Entertainment, which moved into its own company offices in Cheongdam-dong, separate from its parent company in the
CJ E&M Music Performance Division Building in neighbouring Apgujeong-dong. Other entertainment companies located there include
SM Entertainment,
JYP Entertainment (until 2018),
Cube Entertainment,
Pledis Entertainment,
LOEN Entertainment,
Source Music,
Plan A Entertainment,
DSP Media,
MBK Entertainment,
Nega Network,
C-JeS Entertainment,
WM Entertainment,
NH Media,
J. Tune Entertainment,
TOP Media,
Happy Face Entertainment, Dream Tea Entertainment,
Polaris Entertainment,
Jellyfish Entertainment,
DR Music,
Stardom Entertainment, and
HYBE Corporation. The Korean subsidiary of
American Megatrends, AMI Korea, is headquartered in
Daechidong, Gangnam District.
Economic development Until the early 1980s Gangnam and its neighboring areas had remained the least developed in Seoul, but prodigious development over the last 30 years has earned it a reputation of being one of the most affluent, dynamic, and influential areas in both Seoul and South Korea as a whole. In addition, the
COEX Convention & Exhibition Center in Gangnam recently hosted several international conferences such as the
2010 G-20 summit and the
2012 Nuclear Security Summit. ==Education==