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The number of dollar millionaires increased some 20 percent in Korea last year, the worldĄŻs fourth fastest growing rate.
According to a report on the rich of the Asia Pacific region by Merrill Lynch and consulting firm Capgemini on Tuesday, Korea had 118,000 high net worth individuals at the end of last year, up 19 percent from the year before. The category refers to people who own more than a million dollars in financial assets excluding housing, collections, consumer goods and durables. Korea saw the fourth highest increase rate, following India (22.7 percent), China (20.3 percent), and Brazil (19.1 percent).
The average net asset of HNWI (High Net Worth Individual) in Korea was US$2.7 million, lower than that of the Asia Pacific region overall, where it was $3.4 million. The proportion invested in real estate was 40 percent, far exceeding the worldĄŻs average of 14 percent.
Chang Jae-ho, market director for Korea at Merrill Lynch Global Wealth Management, said prosperity in the stock market last year was the main cause of the surge.
(englishnews@chosun.com )
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