The number of enterprises founded by individuals aged 60 and above hit a record high in the first quarter, despite an overall decline in new businesses, according to Statistics Korea. A total of 276,000 new companies, excluding real estate, were established, with 38,000 by seniors, marking the highest figure ever. This is the first time senior-founded enterprises accounted for at least 13% of the total. Including real estate firms can distort economic data due to a 2020 law change. The rise in senior-founded enterprises reflects South Korea’s rapidly ageing population. February data showed 58% of newly employed individuals in 2023 were in their 60s, the highest figure recorded. Overall, new enterprises decreased by 7.8% from the same period in 2023.