Two-thirds of the assets inherited by Koreans are real estate, most of it in Seoul, according to a government tally. The National Tax Service said Tuesday it levied inheritance tax on 4,340 people in 2009 who inherited assets worth W8.35 trillion in total (US$1=W1,118).
Land accounted for the largest proportion with 3,035 people inheriting W3.41 trillion worth. Next were buildings with 3,134 people inheriting W2.25 trillion worth. Altogether real estate accounted for 67.8 percent of all inherited assets.
Financial assets such as deposits and insurance amounted to W1.3 trillion passed on to 3,039 people, while marketable securities such as stocks and bonds totaled W879.9 billion for 771 people. The remaining assets were other valuables or memberships in clubs worth W507.2 billion for 1,393 people.
Looking at the size of inheritances, 1,292 people inherited more than W2 billion, accounting for 29.8 percent of the total, but the combined value of their inherited assets was worth W5.77 trillion or 69.1 percent.
Male heirs vastly outnumbered women, accounting for 78 percent of the total 4,340 people who were slapped with inheritance taxes.