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South Korea's wealthiest favoured cash in 2022

A report published by the Hana Institute of Finance has shown that the wealthiest Koreans increased their share of safe haven assets such as cash holdings and deposits in 2022, instead of investing in real estate. According to the 2023 Korean Wealth Report, the wealthiest members of society owned an average of KRW18.7bn (USD14.2m) in cash holdings and deposits, accounting for an average of 58% of total assets, more than double the 25% from 2021. The report stated that the preference for deposits increased amid base rate hikes last year, and the rate of cash holdings went up in preparation for economic uncertainties. Meanwhile, real estate investments saw a decrease, with the average financial assets owned by super rich individuals going up from KRW15bn to KRW16.1bn over the same period.


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