Korea's 'Top 1%' Wealthy's Secrets to Growing Wealth: "Active Investment in Real Estate and Stocks"

Top 0.1% Have Net Assets of 7.68 Billion KRW or More

The top 1% wealthiest individuals in South Korea were found to have a net worth exceeding 2.9 billion KRW. Net worth refers to the assets owned, such as houses, cars, and cash, after subtracting debts or loans.

According to Hanwha Life Insurance and others on the 20th, as of 2021, the top 0.1% in net worth held at least 7.68 billion KRW, and the top 1% held at least 2.9201 billion KRW. The top 5% had at least 1.335 billion KRW, and the top 10% had at least 900 million KRW.

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The total number of households in the top 1% was approximately 209,000. The average household size was 2.8 members, estimated to be about 586,000 people in total. The average age of the household head in the top 1% was 63.5 years, with 72% of them residing in the Seoul metropolitan area.

The average annual income of the top 1% households was 215.71 million KRW, which is 3.5 times higher than the average household income of 61.25 million KRW.

Among the top 1% households, 88.5% owned their homes, 7.7% lived under jeonse (long-term lease), and 3.8% rented monthly.

The retirement age for these households was 70.7 years, later than the overall average retirement age of 68.2 years.

The minimum living expenses for these households were 3.59 million KRW per month, and the appropriate living expenses were 5.22 million KRW per month.

Although the average annual income of the top 1% households was 3.5 times that of all households, their minimum retirement living expenses were 1.66 times higher, and appropriate retirement living expenses were 1.71 times higher.

An insurance company official stated, "Most of the wealthiest 1% increase their assets through active financial investments such as real estate and stocks," adding, "Additionally, there is a growing tendency to prepare for retirement through personal pension subscriptions."

This content was produced with the assistance of AI translation services.