Number of high net worth individuals in S. Korea grows over 3 pc to nearly 480,000
Seoul, Dec 14
The number of South Koreans holding more than 1 billion won ($676, 818) in financial assets rose more than 3 per cent last year to nearly 480, 000, a report showed on Sunday.
According to a wealth report by the research institute of the KB Financial Group, an estimated 476,000 individuals held at least 1 billion won in financial assets as of end-2024, representing 0.92 percent of the total population, reports Yonhap news agency.
The figure marked a 3.2 per cent increase from a year earlier and more than tripled from 130,000 in 2011, when the survey began.
Their combined financial assets totalled 3,066 trillion won, up 8.5 percent from a year earlier, accounting for 60.8 percent of total household financial assets nationwide.
"The growth rate of the wealthy individuals' financial assets was nearly double that of overall household financial assets," the institute said. "Wealth accumulation among the rich has been markedly faster than among the general population."
The report showed that 32,000 people held financial assets worth between 10 billion and 30 billion won, while 12,000 individuals owned more than 30 billion won worth of financial assets.
According to in-depth interviews by the institute with 400 wealthy individuals conducted in July and August, 54.8 percent of their assets were allocated to real estate and 37.1 percent to financial assets.
Asked about their investment performance over the past year, 34.9 percent said they posted gains, up 2.7 percentage points from last year, amid a strong local stock market.
Looking ahead, 55 percent of the respondents cited stocks as the most promising investment over the next year, followed by gold and jewelry with 38.8 percent and residential housing with 35.5 percent.
Stocks also topped the list of the most attractive longer-term investment options, selected by 49.8 percent of the respondents, which marked a sharp increase from last year's 35.5 percent, the report said.
— IANS
Reader Comments
Their investment pattern is quite revealing! Over half in real estate, even for the ultra-wealthy. Sounds familiar, doesn't it? In India, real estate is also a major wealth park for HNIs. Good to see stocks gaining popularity for future investments there too. 📈
Nearly 480,000 people with over 1 billion won! That's serious money. Puts things in perspective about economic growth in East Asia. I wonder what the comparable number is for India's HNIs. Our economy is growing, but wealth distribution remains a big challenge.
The tripling of HNI numbers since 2011 is remarkable. It shows the power of compounding wealth in a developed, stable economy. A lesson for Indian investors: long-term, consistent investment in financial markets is key. Not just FD and gold!
Gold and jewelry at 38.8% as a promising investment! Even South Korea's wealthy think like us Indians when it comes to the yellow metal's safety. Some financial habits are truly universal. 🪙
While the growth is impressive, the report itself admits wealth accumulation is much faster for the rich. This isn't sustainable for any society in the long run, including ours. Governments need policies that ensure growth benefits everyone, not just the top 1%.
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