“It was in South Korea, however, that debt growth picked up the most speed: whereas in 2014, debt rose by ‘only’ 6.3 percent, the country reported the third-highest rate growth in the region at 9.8 percent last year,” the report said. (image: KobizMedia/ Korea Bizwire)
SEOUL, Sept. 26 (Korea Bizwire) – South Koreans held an average of 27,371 euros (US$30,703) in financial assets, excluding liabilities, in 2015, placing the country 21st among 53 surveyed in the Allianz Global Wealth Report released on Monday that also noted their spiking debt.
The sum in financial assets marks an increase of approximately 3,000 euros from 2014, which pulled up the ranking by a notch.
The report is based on data from 53 countries which together account for nearly 91 percent of the world’s gross domestic product and 69 percent of the global population.
Switzerland topped the list for financial assets per capita at 170,589 euros, followed by the United States (160,949 euros), Britain (95,600 euros), Sweden (89,942 euros) and Belgium (85,027 euros).
In Asia, Japan came at the top with 83,888 euros, making it sixth in the ranking in the report. Taiwan (81,242 euros) and Singapore (79,261 euros) came ahead of South Korea.
China’s financial assets status, 11,496 euros per capita, was behind that of South Korea, but a marked increase from the year before, sending the country’s ranking up from 33rd to 28th for 2015.
When liabilities were added to the formula, South Koreans’ average gross assets came to 49,580 euros per person, making it 22nd, the same as in 2014. Switzerland was also No. 1 in the category with 260,804 euros, followed by the United States (202,489 euros).
Singapore topped the list for Asia, outdoing Japan 114,155 euros to 108,660 euros, the report said.
The report, at the same time, pointed out the pace of debt increase in South Korea. Per capita debt for South Koreans came to 22,209 euros, third highest in Asia after Singapore (34,894 euros) and Japan (24,772 euros).
“It was in South Korea, however, that debt growth picked up the most speed: whereas in 2014, debt rose by ‘only’ 6.3 percent, the country reported the third-highest rate growth in the region at 9.8 percent last year,” the report said.
The pace was fastest in India (17.5 percent), followed by China (16.8 percent).
(Yonhap)
