This photo taken on Aug. 15, 2022, shows the Hyundai apartment complex in Apgujeong, southern Seoul. (Yonhap)
SEOUL, March 16 (Korea Bizwire) — A person needs at least 3 billion won (US$2.28 million) in assets to be placed in the upper echelon of the South Korea’s net asset tiers, data showed Wednesday.
The net assets of the top 1 percent began at 3.27 billion won last year, an increase of 300 million won from 2021, according to the data from Statistics Korea.
The average value of assets of the top 1 percent was 5.3 billion won, with 81.4 percent of the assets held in real estate.
Financial assets accounted for 16.8 percent of all assets (900 million won) and 84.8 percent of financial assets were in savings.
Among ways to manage surplus assets, 60.3 percent picked savings and financial investments, which was higher than the country’s overall average.
When making financial investments, 45.8 percent preferred bank savings, and 26.5 percent preferred direct means of investment like stocks.
Compared with the country’s overall average, the ratio of bank savings was 20.8 percentage points lower, while direct investment was 14.9 percentage points higher.
The top 1 percent earned 216.3 million won per year, which is 3.4 times the country’s overall average.
Labor wages amounted to 93.3 million won, business profits came in at 39.9 million won, and property income at 72.45 million won.
Lina Jang (linajang@koreabizwire.com)
