What Led to the 3% Growth in South Korea's Per Capita Household Net Assets in 2024?
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Synopsis
In 2024, South Korea's per capita household net assets grew by over 3%, spurred by rising property prices and financial asset growth. This data from the Bank of Korea reveals insights into the economic health of the nation, as it surpasses Japan in net asset value for the third consecutive year.
Key Takeaways
- 3.3% increase in household net assets from 2023.
- Total national assets reached 24,105 trillion won.
- Financial assets surged 56% in 2024.
- South Korea surpassed Japan in net assets for the third year.
- Non-financial assets represented 93.3% of total national assets.
Seoul, July 17 (NationPress) In 2024, South Korea's per capita household net assets experienced a remarkable increase of over 3 percent compared to the previous year, fueled by escalating home prices and a rise in financial assets, according to data released by the central bank on Thursday.
The average net assets of South Korean households reached 252.51 million won (approximately US$181,570) last year, representing a 3.3 percent rise from 2023, as per the national balance sheet published by the Bank of Korea (BOK).
When converted to U.S. dollars using the average exchange rate of 1,363 won per dollar in 2024, the assets stood at $185,000, marking a slight decline from $187,000 in 2023.
However, this amount exceeds Japan's $180,000, as South Korea has outperformed Japan in this aspect for the third consecutive year.
The United States reported a figure of $521,000, followed by Australia at $401,000, Canada at $295,000, France at $230,000, and the UK at $206,000, according to the data.
By the end of 2024, South Korea's total national assets reached 24,105 trillion won, marking an increase of 5.3 percent from the previous year, a significant acceleration from the 1.3 percent growth recorded in 2023.
Net national wealth stood at 9.4 times the nation's nominal GDP of 2,557 trillion won as of the end of 2024.
This growth is largely attributed to the rise in non-financial assets, such as land and housing, which increased by 2.9 percent on-year to 22,485 trillion won.
These non-financial assets constituted 93.3 percent of the total national assets.
Meanwhile, financial assets skyrocketed by 56 percent year-on-year to 1,620 trillion won, driven by robust overseas investments and favorable won-dollar exchange rates.
A BOK representative commented, "Korean investors have significantly augmented their investments in overseas stocks and bonds, leading to considerable valuation gains on these investments."
He further noted, "The solid performance in foreign stock markets and a strong dollar have enhanced the valuation of financial assets held abroad by Koreans."
Point of View
It is essential to recognize the implications of South Korea's growing household net assets. This upward trend not only reflects the resilience of the economy but also highlights the evolving financial strategies of Korean households in an increasingly competitive global market. Our nation continues to demonstrate robust economic performance, even in challenging times.
NationPress
17/07/2025
Frequently Asked Questions
What are South Korea's per capita household net assets in 2024?
In 2024, South Korea's per capita household net assets are reported to be approximately $185,000.
What factors contributed to the growth of household net assets?
The growth is primarily attributed to rising home prices and an increase in financial assets.
How does South Korea's net assets compare with Japan's?
South Korea's net assets of $185,000 exceed Japan's $180,000, marking the third consecutive year of outperformance.
What is the total national asset value of South Korea in 2024?
As of the end of 2024, South Korea's total national assets are valued at 24,105 trillion won.
What is driving the growth in financial assets?
The growth in financial assets is driven by strong overseas investments and favorable currency exchange rates.
