Why is South Korea a high income country?

I'm quite fascinated by South Korea's status as a high-income country. Could you possibly elaborate on the factors that contribute to its prosperous economic situation? Is it due to the advanced technological advancements in the country, or is it the result of smart economic policies implemented by the government? Or perhaps, it's a combination of both? I'd also like to know if South Korea's strong export performance and its position as a global leader in certain industries play a significant role in its high income status. Could you please provide a detailed explanation?