The number of individuals inheriting property valued at more than 10 billion won was 338 last year, showing an 82.7 percent increase from 185 in 2018. (Image courtesy of Yonhap)
SEJONG, Oct. 19 (Korea Bizwire) – The number of individuals inheriting property valued at more than 10 billion won has almost doubled over the past four years, with the total value of their inherited property estimated at 39 trillion won last year.
According to data from the National Tax Service released on Wednesday, the number of individuals inheriting property valued at more than 10 billion won was 338 last year, showing an 82.7 percent increase from 185 in 2018.
The number of those inheriting property valued at more than 50 billion won was 26 last year, while 312 individuals inherited property valued between 10 and 50 billion won, marking increases of 116.7 percent and 80.3 percent, respectively, compared to the figures from 2018.
The total value of the property inherited by those inheriting more than 10 billion won last year amounted to 38.7 trillion won, an 11.4-fold increase from 3.4 trillion won four years ago.
The amount of inheritance tax levied on this property stood at 16.5 trillion won, accounting for 85.4 percent of the inheritance tax determined last year (19.3 trillion won).
The total value of inherited property subject to inheritance tax assessment last year was 62.7 trillion won, reflecting a 314.1 percent increase from 15.1 trillion won in 2018.
Breaking things down by property type, securities amounted to 28.5 trillion won, a 16.7-fold increase from 1.7 trillion won in 2018, indicating a sharp rise in inheritance of stocks.
The inheritance of real estate and financial assets such as deposits and installment savings stood at 15.3 trillion won and 5.5 trillion won, respectively, reflecting a 227.4 percent and 113 percent increase from four years ago.
J. S. Shin (js_shin@koreabizwire.com)
