Has the Number of High Net Worth Individuals in S. Korea Increased by Over 3%?
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Synopsis
In a remarkable surge, the number of high net worth individuals in South Korea has increased by more than 3%, nearing 480,000. This growth highlights significant disparities in wealth accumulation and investment trends among the affluent. The report unveils intriguing insights into asset allocation and future investment preferences of these wealthy individuals.
Key Takeaways
- Number of high net worth individuals in South Korea increased by over 3%.
- Nearly 480,000 individuals now hold over 1 billion won in assets.
- Total financial assets reached 3,066 trillion won.
- Majority of assets are in real estate.
- Stocks are viewed as the most promising investment for the future.
Seoul, Dec 14 (NationPress) The count of South Koreans possessing over 1 billion won ($676,818) in financial assets has seen an increase of more than 3 percent last year, approaching 480,000, as reported on Sunday.
Per a wealth report from the research institute of the KB Financial Group, it is estimated that 476,000 individuals had at least 1 billion won in financial assets by the end of 2024, which constitutes 0.92 percent of the overall population, according to Yonhap news agency.
This number reflects a 3.2 percent rise compared to the previous year and has more than tripled from 130,000 in 2011, the year the survey commenced.
The total financial assets of these individuals aggregated to 3,066 trillion won, marking an 8.5 percent increase from the prior year, representing 60.8 percent of the total household financial assets nationwide.
As stated by the institute, “The growth rate of wealthy individuals’ financial assets was nearly double that of overall household financial assets.” This indicates a significant acceleration in wealth accumulation among the affluent compared to the general populace.
The report noted that 32,000 individuals possessed financial assets ranging between 10 billion and 30 billion won, while 12,000 owned assets exceeding 30 billion won.
Through in-depth interviews conducted in July and August with 400 wealthy individuals, it was revealed that 54.8 percent of their assets were invested in real estate and 37.1 percent in financial assets.
In terms of investment performance over the past year, 34.9 percent reported profits, an increase of 2.7 percentage points from the previous year, attributed to a robust local stock market.
Looking ahead, 55 percent of the respondents identified stocks as the most promising investment for the upcoming year, followed by gold and jewelry at 38.8 percent and residential housing at 35.5 percent.
Stocks were also deemed the most attractive long-term investment, as indicated by 49.8 percent of the respondents, a significant rise from 35.5 percent last year, according to the report.
Point of View
I see this growing number of high net worth individuals in South Korea as an indicator of both economic progress and widening wealth inequality. The report sheds light on the investment behaviors of the wealthy, raising questions about the sustainability of such growth in the long run. It's essential that we keep a close eye on these trends, as they shape the financial landscape of our nation.
NationPress
14/12/2025
Frequently Asked Questions
What is considered a high net worth individual in South Korea?
A high net worth individual in South Korea is defined as someone possessing financial assets exceeding 1 billion won (approximately $676,818).
How much did the number of high net worth individuals increase?
The number of high net worth individuals in South Korea rose by more than 3 percent last year, reaching nearly 480,000.
What percentage of the population do high net worth individuals represent?
High net worth individuals represent about 0.92 percent of South Korea's total population.
What sectors do wealthy individuals invest in?
Wealthy individuals primarily invest in real estate and financial assets, with a significant portion of their wealth allocated to these areas.
What is the total financial asset value of high net worth individuals in South Korea?
The combined financial assets of high net worth individuals total approximately 3,066 trillion won.
