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S. Korea's top 10-30% income households become richer in 2021 despite pandemic Updated: 2021-12-07 08:12:42 KST


It seems like the pandemic hasn't left its mark on the rich in South Korea.
Despite the raging virus and months of distancing measures, households whose income was in the top 10-to-30 percent of income, who are not the absolute richest but are still well-off, saw their wealth climb over the past year.
According to a recent report, the average total wealth of those in the top 10-to-30 percent bracket this year came to around 7-hundred-70-thousand U.S. dollars, up around 20 percent from a year ago.
Most of that wealth was in property, which came to around 6-hundred-30-thousand U.S. dollars.
In fact, the increase in wealth was largely driven by the growth in property this year, which jumped more than 23 percent from 2020.
In terms of financial assets, more affluent people are turning away from traditional assets like savings, instead looking to invest in stocks.
While the proportion of stocks jumped almost 9 percentage points to account for almost a quarter of their financial assets, the proportion made up of savings dropped.
This reflects, the changing trend in how people invest their assets, as more people this year said they prefer high risk, high return investment.
And as more people turned to such investments during the pandemic, they believed that the value of labor activity has been undermined compared to the pre-pandemic era.
They said, their income growth has not kept pace with the rising value of property and other types of assets.
Kim Sung-min, Arirang News
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