The newest global geopotential model, EGM08, is evaluated locally using GPS/leveling data in South Korea and globally in terms of its degree variances (power spectral density). It is found that the agreement between the EGM08 geoid and the geoid undulation derived from GPS/leveling data over 500 irregularly distributed points has a standard deviation of 18.5 cm. This agreement is better than with EGM96 (27.4 cm). From the mean difference between EGM08 and GPS/leveling it is found that the local geoid (national vertical datum of South Korea) is offset from the global geoid by 43.4 cm, which agrees roughly with the 34 cm offset implied by the EGM96 analysis. The degree variances of the EGM08 geoid show that the EGM96 is significantly underpowered at its high degrees. They also imply that the Earth’s high-frequency gravitational field does not have constant fractal dimension, which may provoke additional investigation.