South Korea, Over 7,000 Wealthy Individuals with Net Assets Exceeding 33 Billion KRW... Increased by 6.3%
[Asia Economy Reporter Lim Chun-han] An analysis revealed that last year, the number of individuals in South Korea with net assets (assets minus liabilities) exceeding $30 million (approximately 33.1 billion KRW) reached 7,354, an increase of 6.3% (436 people) compared to the previous year.
According to the '2021 Wealth Report' by Knight Frank, a UK real estate information company, the number of global ultra-high-net-worth individuals with net assets over $30 million was 521,653 last year, up 2.4% (12,401 people) from the previous year. Compared to the 6.4% increase reported in the 2020 report, last year's growth rate dropped to about one-third.
By continent, Asia (11.6%) and Australia (9.9%) showed relatively high growth rates in the number of wealthy individuals. In contrast, Russia and the Commonwealth of Independent States (CIS) (-20.7%), Latin America (-13.5%), and the Middle East (-10.1%) experienced declines in their wealthy populations.
By country, China (15.8%) had the highest growth rate among the 44 major countries analyzed, followed by Sweden (11.3%), Singapore (10.2%), Saudi Arabia (9.7%), and Switzerland (9.4%). South Korea (6.3%) ranked eighth. Spain (-13.5%), France (-9.4%), and Italy (-2.8%) saw decreases in their wealthy populations.
In terms of the number of individuals with net assets exceeding $30 million, the United States led with 180,060 people. China (70,426), Germany (28,396), the United Kingdom (16,370), and France (15,503) also had large numbers of wealthy individuals. South Korea (7,354) ranked 11th, following Switzerland (7,553).
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Regarding the wealth threshold to enter the top 1% by country, Monaco had the highest at $7.9 million, followed by Switzerland ($5.1 million) and the United States ($4.4 million). Among Asian countries, Singapore ranked highest at 4th place with $2.9 million, followed by New Zealand ($2.8 million), Hong Kong ($2.8 million), Australia ($2.8 million), France ($2.1 million), Germany ($2.0 million), and the United Kingdom ($1.8 million) within the top 10. South Korea ($1.2 million) ranked 17th.
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