Korea’s ‘top 1% rich’?… Net assets must exceed 2.9 billion won

It was found that the richest person in the top 1% of Korea has a net worth of over 2.9 billion won.

According to Hanwha Life Insurance and others on the 20th, as of 2021, the top 0.1% of net assets had more than 7.68 billion won, and the top 1% had more than 2.92 billion won. The top 5% of net assets had more than 1.335 billion won, and the top 10% had more than 900 million won. Net worth is the amount of money you have, such as your house, car, cash, etc.

There were a total of 209,000 households in the top 1% of rich people. The average number of household members is 2.8, which is estimated to be around 586,000 people. The average age of heads of households in the top 1% is 63.5 years old, and 72% of them live in the metropolitan area. The average annual income of the top 1% households was 215.71 million won, 3.5 times higher than the average household income of 61.25 million won. 88.5% of the top 1% households lived in their own homes, 7.7% for jeonse and 3.8% for monthly rent.

The retirement age of these households was 70.7 years, which was calculated to be later than the average age of 68.2 years for all households. The minimum cost of living for these households was 3.59 million won per month, and the appropriate cost of living was 5.22 million won per month. The average annual income of the top 1% of households is 3.5 times that of all households, but the minimum cost of living for old age is 1.66 times higher and the reasonable cost of living for old age is 1.71 times higher.

An insurance company official said, “Most of the richest 1% are increasing their wealth through active investment such as real estate and stocks.”

Reporter Cho Sung-min [email protected]

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