A total of 302 Koreans reported to financial authorities that they hold more than W1 billion in deposits in overseas bank accounts (US$1=W1,137). The average deposit was W6.9 billion.

Most of these wealthy people live in Seoul, either in the affluent Gangnam area or in Yongsan, home to many business owners.

The National Tax Service receives voluntary reports from overseas bank account holders once a year. This time 302 people and 350 corporations admitted depositing at least W1 billion abroad for at least one day. The total is W18.6 trillion.

Altogether the 1,059 overseas accounts held by individual Koreans contain W2.1 trillion. Corporations hold 4,890 overseas bank accounts containing W16.5 trillion.

The figures show a hefty increase from last year, when 211 individuals and 314 companies reported overseas bank accounts.

Account holders included major business owners, entrepreneurs, sports stars, doctors, lawyers and other professionals, the NTS said, but confidentiality rules bar it from revealing their identities.

The NTS sent out notices to 1,400 Koreans believed to have overseas bank accounts to report them to financial authorities, and most of those who did were apparently responding to the notice.