Born with a '10 Billion Won Bank Account' in My Name... Over 100 Minors Holding More Than 500 Million Won

Number of Accounts Decreased but Balance Increased by 13%
High-Value Accounts of 50 Million to 100 Million Steadily Growing

The balance of deposits and savings accounts held by minors at the five major domestic commercial banks has surpassed 5 trillion won. The minor with the largest amount held nearly 10 billion won.

According to data submitted by the Financial Supervisory Service to Yoo Ui-dong, a member of the National Assembly's Political Affairs Committee from the People Power Party, the number of deposit and savings accounts held by minors at the five commercial banks reached 2.8 million, with a total amount exceeding 5 trillion won.

From 2020 to July 2023, the number of deposit and savings accounts held by minors at commercial banks decreased by about 7%. However, the balance increased by 13%.

Silver spoon.

Overall, the number of small-balance accounts decreased, but high-balance accounts of 100 million won or more steadily increased. The number of accounts under 10 million won continuously declined, while accounts ranging from 10 million won to less than 500 million won increased.

The number of accounts between 1 million won and less than 500 million won rose from 65,526 accounts (1.426 trillion won) in 2020 to 87,138 accounts (1.9374 trillion won) as of the end of July 2023. This represents a 32.98% increase in the number of accounts and a 35.86% increase in balance.

As of this year, the minor with the largest deposit and savings balance held an astonishing 10 billion won. Following were amounts of 3.4 billion won and 2.57 billion won, respectively. Including these three, about 100 minors held deposits and savings of 500 million won or more. The average amount held was 1.4 billion won.

Regarding this, Representative Yoo said, "The deposit and savings balances held by minors at commercial banks are continuously increasing," and emphasized, "Financial authorities need to carefully examine whether there are any issues in the process of fund formation by minors with large balances and whether they are faithfully fulfilling their tax obligations."

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