Number of wealthy Koreans hit 424,000 in 2021

The 2022 Korean Wealth Report compiled by a think tank under KB Financial Group disclosed that there were a total of 424,000 wealthy Koreans as of 2021, up 31,000 from 2020. Wealthy Koreans are defined as those with assets of more than USD630,000 by the age of 42. The report was based on a study conducted in June and July 2022, including a face-to-face survey with 400 respondents with more than KRW1bn (USD757,646) in financial assets. Business income accounted for an average 37.5% of their assets, while the rest was made up of real estate investment, inheritance, earned income and financial investment. By region, 45.1%, or 191,000 people, were living in Seoul, followed by Gyeonggi Province and Busan with 94,000 and 29,000, respectively.