Study Shows South Koreans Land Inheritance Accounts for Many Wealthy
David Lee, Nov. 24, 2015, 7:48 a.m.
Rich people in Korea with personal assets of W3 billion or more mostly came by their wealth through inheritance and real estate (US$1=W1,202).
According to a report published by Citibank Korea on Sunday, 27 percent of people with W3 billion or more replied appreciation of real estate value is their principal means of wealth accumulation. Inheritance came in second with 21 percent.
The means of wealth accumulation diversify if the entire top 10 percentile in terms of assets is taken into account. Nearly half of the population in the top bracket -- or 47 percent -- said they made their fortune from savings, 19 percent from business, and 18 percent through stock investment. Only six percent answered their assets were inherited.
People aged between 50 and 59 made up the largest group among those in the top bracket with 39 percent. Regionally, 58.3 percent were residents of Seoul and the metropolitan area, and of those 15.2 percent lived in three affluent districts of southern Seoul -- Seocho, Gangnam and Songpa.