The Wealth Standard According to the Wealthy: 10 Billion Won [3-Minute Brief]

[At a Glance]
①This Year’s Nationwide Apartment Supply Hits 13-Year Low
②ETFs Swell to 120 Trillion Won, Bonds Gain Popularity
③US 'Magnificent 7' Doubles in Size Over 6 Years

MARKET INDEX

- US New York stock market's three major indices all closed higher
- Federal Reserve (Fed) calms excessive expectations for interest rate cuts
- This year's nationwide apartment supply volume is the lowest in 13 years

TOP 3 NEWS

■ ETFs Exploding with 50 Trillion Growth This Year, Expanding to 120 Trillion

- This year's total net assets of Exchange-Traded Funds (ETFs) market reached 120 trillion KRW
- Number of listed ETFs also increased to 803, with diversified types… Bond ETFs are strong
- Bond ETFs meet institutional needs amid high interest rate environment

■ Tesla Recalls 2 Million Vehicles: "Safety Issues Persist… Autopilot Should Be Restricted"

- Recall due to defects in driving assistance feature 'Autopilot'
- Some express concerns over fundamental safety issues of Autopilot
- Strong measures recommended such as limiting Autopilot approval regions

■ 'Man of 3 Trillion KRW' Bang Si-hyuk Tops as Overwhelming Stock Richest

- Bang Si-hyuk ranks first among domestic culture and content stock billionaires
- JYP's Park Jin-young and YG's Yang Hyun-suk follow in second and third place
- BTS members also hold stocks worth over 10 billion KRW

Graphic News: What Do Korean Asset Owners Consider as Wealthy? … "Starting from 10 Billion KRW"

- Number of wealthy individuals with financial assets over 1 billion KRW increased by 7.5% from last year… accounting for 0.89% of total population
- More than half of them believe "total assets must exceed 10 billion KRW to be wealthy"… 70.6% reside in the Seoul metropolitan area
- Business income (31.0%) contributes to asset accumulation… assets grown more through real estate investment than financial investment

the Chart: S&P 500 Market Cap Nears 30%… Magnificent 7

- Apple, Microsoft, Amazon, Alphabet, Nvidia, Tesla, Meta surged 75% this year
- During the same period, stock prices of 493 companies in the S&P 500 rose only 12%
- Market cap of Magnificent 7 doubled over 6 years… "Strong market expected to continue next year"

Money-Making Law

■ Judges' Top 'High-Difficulty Case'… "Cases with Vast Amounts of Materials"

- Increasing volume of court-submitted materials causes severe trial delays
- Blue House's alleged interference in Ulsan mayoral election, evidence alone is '60,000 pages'
- 75% of judges reviewing case records complain of "material burden"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023121815372849469

■ "Excessive Fees Charged on PF Loans" Developer Wins in Unjust Enrichment Lawsuit

- Financial institutions must return excessive fees charged to PF developers
- Comprehensive judgment on appropriateness of financial fees received by financial firms
- Analysis suggests warning issued on excessive fees amid difficulties in PF market
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023121815461688573

■ Korea's Only ‘Food Specialist Lawyer’… Chosen After Much Wandering on the Tenth Try

- Lawyer Kim Tae-min, Korea's only food specialist lawyer
- Former official at the Ministry of Food and Drug Safety, also certified Korean cuisine chef
- "Able to help clients by leveraging experience and expertise"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023121816012052136

※ 'Money-Making Law,' a content partnership corner between Asia Economy and Law Times, is published every Tuesday and Thursday.

Person in the News: Founder of China's Largest AI Company 'Tang Xiao'ou'

- Professor Tang Xiao'ou, founder of China's largest artificial intelligence (AI) company SenseTime, has passed away
- Emphasized 'empathy' when Chinese companies competed… possesses top-tier facial recognition technology
- In recent years, listed as a target of US government sanctions for alleged support of repression in Xinjiang Uyghur Autonomous Region

Today's Key Schedule

○ Domestic

- 10:00 Monetary Policy Committee meeting date of the Financial Supervisory Service
- 10:00 Cabinet meeting (Seoul)
- 14:00 Local Finance Awards Ceremony (Seoul Government Complex Annex Auditorium)

- Gyeonggi Paju Hillstate The Ounjung (F1-P1, P2)
- Gyeonggi Paju Unjeong Woomee Lin Park Hill
- Gyeonggi Lotte Castle Signature Jungang
- Gyeonggi Goyang Janghang Jeil Punggyeongchae
- Daejeon Hillstate Gayang The Wise
- Chungbuk Cheongju Dongil Highvill Park Rain (A1) 2nd Complex
- Chungnam Asan Sinchang 1 Kwangshin Progress
- Gyeongbuk Yeongju Xi Signature
- Ulsan Down Hanyang Lips The First Heim

○ Overseas
- 15:30 Bank of Japan press conference
- 18:00 European Central Bank (ECB) speech
- 19:00 Eurozone November Consumer Price Index
- 22:30 US November Building Permits

◇ Lunch & Commute Weather

○ Lowest temperature -8℃(▲5℃) ｜ Highest temperature: 2℃(▲4℃)
○ Precipitation probability: Morning 20%｜Afternoon 60%
○ Fine dust: Morning Good｜Afternoon Good

OK in 3 minutes, essential time-efficient economic news. Published daily at 8 AM.

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