Among the respondents holding more than 10 billion won in financial assets, 47 percent preferred to have their asset management consulting focused on inheritance and gifts, while 28 percent wanted to receive consulting on investments and 10 percent on general income taxes. (image: Kobizmedia/Korea Bizwire)
SEOUL, Jan. 15 (Korea Bizwire) – Korean upper class members with more than 3 billion won (US$ 2.7 million) in financial assets are mostly interested in inheritance and asset gifts, according to a survey conducted by Samsung Life Insurance’s ‘Samsung Family Office’ on January 14. Samsung Family Office is the insurance company’s asset management center focused on high asset customers. The survey was conducted on 1,500 customers of the division.
Among the respondents holding more than 10 billion won (US$ 9.2 million) in financial assets, 47 percent preferred to have their asset management consulting focused on inheritance and gifts, while 28 percent wanted to receive consulting on investments and 10 percent on general income taxes. Only 3 percent preferred to be consulted on real estate investments.
Among the respondents holding more than 5 billion won and less than 10 billion won (US$ 4.6~9.2 million), 41 percent also answered that they want to have inheritance and gift oriented consulting, while 34 percent of respondents holding 3 to 5 billion won (US$ 2.7~4.6 million) also answered similarly.
However, among the respondents holding 1 to 3 billion won (US$ 0.9~2.7 million) in financial assets, 29 percent wanted to receive investment advice, while 28 percent on inheritance & gifts and 20 percent on general income taxes. Only 14 percent said that they prefer consulting on real estate investing. Among the respondents with less than 1 billion won (US$ 0.9 million) of assets, 38 percent preferred investment consultation.
Sung Yeol-gi, Chief of Samsung Family Office Center, said that upper class individuals are mostly interested in increasing assets through investing, while the super-rich are more interested in inheriting family businesses and assets.
By J.W. Choi (summerchoi@koreabizwire.com)
