Over 500 "super-rich" Koreans have bank savings of over W10 billion, and their total deposits are worth over W10 trillion (US$1=W1,074).
According to a parliamentary audit report by the Financial Supervisory Service to ruling Saenuri Party lawmaker Kim Jae-kyung on Wednesday, 505 super-rich customers have deposited W10.15 trillion in checking accounts, savings accounts and share portfolio accounts as of the end of June. This translates into an average of W20.1 billion per person.
The number grew by 22 percent from 414 in the first half of 2010, and the amount rose 23.2 percent from W8.23 trillion.
Korea Development Bank, which has expanded into retail banking in recent years, saw savings by the super rich soar by 400 percent from W135.4 billion in 2010 to W701.6 billion. Deposits in Industrial Bank of Korea grew by 200 percent from W26.8 billion to W81.7 billion.
The number of private banking customers in 14 banks was 2,601, and their total deposits combined were W153.55 trillion.