South Korea, a name so intimate with the worldwide manufacturing industry of the 21st century has come a long way, bewildering the economists of the world through its spectacular growth in the last five decades. Surprisingly, this journey of South Korea from the rags to riches took not more than one generation. This rapid journey from a developing country to a developed country is popularly known as the “Miracle of Han river”. The objective of the paper is to shed light through various angles on the factors responsible for this miracle. In the following section, we will contrast the Third World Korea of 1960s with the First World Korea of the 21st century. In the later sections, we will explain the major growth factors - the Korean society and culture followed by a section on the leadership and government in South Korea which created a propitious climate for rapid economy growth.