A thriving hub for everything “K”—from K-pop and K-dramas to innovative K-beauty, South Korea’s megalopolis capital is home to global cultural icons like BTS and renowned filming location landmarks like Gwangjang Market, frequented by Netflix foodies and Michelin-starred chefs. With 176 Michelin-rated restaurants, Seoul is perhaps the stealthiest culinary destination on the planet. Start at Mukja Golmok, literally “Let’s Eat Alley,” move on to the vegetable-centric temple cuisine at Dooreyoo, Michelin-starred chef Tony Yoo’s oasis, then head to Gwangjang Market, where you can eat everything from a soup of rice cakes and kimchi-tofu dumplings to squirmy live octopus (really).
With Seoul’s digital transformation into a high-tech metropolis with cutting-edge 5G and even 6G networks, it now boasts the third-most Fortune 500 firms (trailing only Beijing and Tokyo, respectively) as well as thousands of start-ups looking to join their ranks.
As travel rebounds, Seoul’s popularity soars; it was the fourth-most searched destination on Airbnb in 2022, and the government is capitalizing on this post-pandemic momentum by investing in its events industry, expediting three major international conference clusters to attract global business.
Seoul’s push to remain at the forefront of global business is evident through significant infrastructure investments. The Seoul Vision 2030 Fund stands as a testament to this, channeling US$4.22 billion into global start-up growth. The opening of the Seoul Startup Hub Scale-up Center in 2023 marked a new era for investment exchange among private investors, accelerators and burgeoning start-ups. The Seoul Unicorn Startup Hub aims to launch (or is it “birth”?) 50 unicorns by 2030 and plans to establish 10 start-up support centers globally by 2026. Further reinforcing its tech prowess, the AI Startup School, launched in collaboration with Google, equips early-stage entrepreneurs with vital resources. From bars to co-workspaces, the city’s entrepreneurialism is visceral, and the next half-decade will be filled with a pipeline of locally launched companies, from new takes on grocery delivery (Kurly) to fintech (Korea Credit Data).
Given the international commerce, the city is blooming dozens of new hotel towers, including the luxurious business-forward Grand Hyatt Seoul in the heart of Gangnam, and the nearby Shilla Stay Yeoksam, a new boutique property providing a blend of traditional Korean hospitality and modern amenities. You may have heard of the fast-growing Lotte hotel group—and the hotelier is ensuring it innovates locally with their new Lotte Hotel Seoul Tower near the iconic Namsan Tower, offering panoramic views and increasingly globally lauded premium services. The Four Seasons Hotel Seoul (financial district) and InterContinental Seoul (Myeongdong) will keep the other new luxury properties on their toes when they open over the next year.
But the city’s fairytale ascent turned nightmarish in late 2024 with the declaration of martial law on December. 3, 2024, by President Yoon Suk Yeol—allegedly due to anti-state activities and North Korean interference. Although only in effect for six hours, it sparked significant political turmoil and introduced an era of political instability, with the president’s impeachment and removal in mid-December. The crisis has temporarily paralyzed South Korean politics, frozen foreign policy initiatives and disrupted financial markets. So much so, in fact, that the city’s economic growth forecast has been adjusted to 2% by the Asian Development Bank, citing the unrest as well as a forecasted semiconductor sector downturn.
Despite these challenges, Seoul has banked enough livability karma to persevere (ranking #3 in our overall Livability index).
The next few years will see the fruits of an ambitious urban design plan aimed at transforming the city into a dynamic cultural hub. The Urban Architectural Design Innovation Plan includes reforms to building regulations, the development of new facilities and a focus on architectural design. This plan aims to foster creative design in both the public and private sectors, establish a unique zoning system and streamline administrative processes to enable quicker decision-making.
The city’s #2 ranking in our Museums subcategory will be strengthened over the next year or two with the planned opening of Centre Pompidou x Hanwha Museum Project Seoul within Hanwha’s 63 Building in Yeouido as a collaboration with France’s Centre Pompidou. Equally anticipated is the National Museum of Korean Literature in the city’s north end, which will feature exhibition halls exploring the past, present and future of Korean literature when it opens in late 2026.
Seoul is introducing new green spaces and multi-purpose precincts to enhance the quality of life for its citizens (as well as its #12 ranking for Nature & Parks). A big part of this is a focus on creating a more ecologically and socially rich environment through projects like the Hyper-Abundant City concept for Apgujeong district, which aims to establish long-term plans for the city’s infrastructure and introduce micro-projects that promote biodiversity on the urban surfaces of paths, terraces and façades.
The commitment is being codified in the city’s urban planning as well, most notably guided by the Smart Seoul 2030 initiative, which envisions a future-ready city teeming with smart infrastructure. This includes intelligent transportation systems, smart grids and eco-friendly urban development projects. The development of new residential complexes, business districts and green belts aims to balance the city’s rapid growth with sustainability goals.
Seoul’s dedication to enhancing livability is also highlighted by initiatives like the Hangang Renaissance Project that will revitalize the Han River area with new parks, cultural spaces and recreational facilities. This project seeks to transform the riverbanks into vibrant community hubs that promote well-being and social interaction. By transforming its iconic riverbanks into bustling community hubs, Seoul aims to enhance well-being and foster social interaction. For urban adventurers, the Sky Forest Corridor is set to open by 2026, connecting the Namsan Tower area to the Cheonggyecheon Stream with an elevated pedestrian path lined with green spaces and public art installations.
Adding to its green agenda is the Hyper-Abundant City concept, which reimagines districts like Apgujeong with urban surfaces designed to support biodiversity. This project integrates micro-solutions such as green terraces, eco-paths, and urban gardens, ensuring Seoul becomes a leader in ecological urbanism.
Now if only someone had advised the government to reconsider the city’s new “Seoul, My Soul” brand….