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South Korea, officially the Republic of Korea and commonly referred to as Korea, is a sovereign state in East Asia, constituting the southern part of the Korean Peninsula. The name Korea is derived from the Kingdom of Goryeo, also spelled as Koryŏ. It shares land borders with North Korea to the north, and oversea borders with Japan to the east and China to the west. Roughly half of the country's 50 million people reside in the metropolitan area surrounding its capital, the Seoul Capital Area, which is the second largest in the world with over 25 million residents.
South Korea is East Asia's highest ranked developed country in the Human Development Index. Its citizens enjoy a very high standard of living, having Asia's highest median per-capita income and average wage with the world's 8th highest household income. Globally, it ranks among the highest in education, quality of healthcare and ease of doing business. It benefits from a highly skilled workforce, leading OECD countries in student skills with the highest percentage of youths holding a tertiary education degree. Ranked as the world's most innovative country in the Bloomberg Innovation Index, it is the world's most research and development intensive country, driven by high-tech chaebols such as Samsung, Hyundai-Kia and LG. A world leading information society, South Korea has the world's fastest Internet connection speed, ranking first in e-Government, 4G LTE penetration and second in the ICT Development Index and smartphone usage.
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