Luke Johnson

Very deep recurring longing for ‘Anglo-Peronism’ in the British psyche that needs to be constantly guarded against. Really represents Argentina’s final revenge against Britain; the Peronist brainworm - many people by instinct will support some version of it without any safeguards

Samsung is paying 78,000 chip workers a $340,000 bonus each. Not their salary. The bonus. The total bill is $26.6 billion, which equals 1.4% of South Korea's entire economy, going to less than 0.3% of the country's workforce. The average Korean earns roughly $32,000 a year. So each Samsung chip worker is pocketing about a decade of normal pay in one go. Memory-division employees may collect closer to $396,000. The cash comes straight out of Samsung's chip profits, which are projected to hit 330 trillion won (around $218 billion) this year. It's seven times higher than just a few years ago, driven by the AI boom. The deal gives workers 12% of those profits: 10.5% as company stock, the other 1.5% in cash. And not just this year. The setup repeats every year for the next decade, as long as profit targets get hit. KDI, South Korea's main economic think tank, just raised its 2026 growth forecast from 1.9% to 2.5%, thanks entirely to the chip boom. The extra growth works out to about $48 billion in new GDP. More than half of that is now landing in the bank accounts of 78,000 workers at one company. Real estate noticed early. In the first three months of 2026, before the contract was even signed, apartment sales in Dongtan, the suburb next to Samsung's main Hwaseong campus, more than doubled compared to a year earlier. Up 128.9%. Pyeongtaek climbed 36.8%. Yeongtong, where Samsung's headquarters sits, rose 28.7%. Local agents told the Seoul Economic Daily the buying began the moment bonus talks leaked. The tax bill is even bigger than the bonus. The Korean government expects to collect roughly 100 trillion won, around $67 billion, in extra tax revenue from the chip sector this year alone. The presidential office has openly floated a "national dividend," a direct cash payment to every Korean citizen, to redistribute the gains. Other industries are paying attention. SK Hynix locked in a similar 10% profit-share deal last September. Hyundai's union has reportedly asked for the same arrangement. Trouble is, cars and batteries don't run chip-level margins, and Korea's main business lobby has warned that copying this deal across the country's big family-owned conglomerates (the chaebol world) could blow up wage talks everywhere. Samsung's group of companies already account for around 22% of South Korean GDP. Whether 2026 ends up a good or a great year for Korea now mostly depends on a single number: how many memory chips Samsung and SK Hynix can ship to AI data centers from California to the Middle East. Forty trillion won, going to 78,000 people clustered in three cities south of Seoul. Korea's wealth map is being redrawn around the chip belt.