Inheritances Total W10 Trillion a Year, Mostly in the Capital

  • By Pak Soo-chan

    December 11, 2017 12:26

    Koreans inherited W51 trillion over the last five years, with 70 percent being concentrated in Seoul and surrounding Gyeonggi Province.

    According to data from the National Tax Service, W51.42 trillion worth of individual inheritances were reported to tax authorities from 2012 to 2016, with 45.1 percent going to recipients in Seoul and 25.6 percent in Gyeonggi Province (US$1=W1,095). Next were Busan (W3.4 trillion), Daegu (W2.2 trillion) and Incheon (W1.8 trillion).

    In Seoul, Gangnam, Seocho and Songpa districts in turn accounted for 43.9 percent of total inherited assets in the capital and 19.8 percent of the nationwide total.

    The amount of inherited assets in Gangnam alone was higher at W4.67 trillion than the total inherited in Busan, while Seocho (W3.4 trillion) and Songpa (W2.2 trillion) inherited more than the total in Daegu.

    Real estate accounted for 64 percent of total inherited assets or W32.9 trillion. That means around W6.6 trillion worth of real estate has been inherited each year over the last five years.

    W9.2 trillion worth of cash and W6.3 trillion worth of stocks and other securities were inherited over the same period.

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