1,800 South Koreans Are Super Wealthy Worth More Than $50 Million
John Kim, Oct. 15, 2015, 7:40 a.m.
A report by Credit Suisse shows that there are 1,800 super-rich people in Korea with assets totaling more than US$50 million. That is an increase of some 100 people from last year and puts Korea 14th place in the world in terms of "ultra-high-net-worth individuals." Korea ranked 16th in 2014.
According to the 2015 Global Wealth Report by the Swiss investment bank, there are 123,800 super-rich people in the world. The U.S. has the highest number with 48 percent of the total, followed by China, the U.K., Germany, Switzerland, France, Italy and Japan. China is home to 7.8 percent of the ultra-high net worth individuals.
Compared to 2014, the number of super-rich people grew by 800, but Credit Suisse said this was mainly due to the exchange rate. As the U.S. currency rose and the euro fell, the assets of European tycoons shrank in dollar terms. There are around 313,000 millionaires in Korea and 15.7 million in the U.S. The bank said there are probably more of these people since members of super-rich families and others whose wealth is a closely guarded secret were left out of the list.