How Do Korea's 1% Get Rich?
An estimated 424,000 Koreans own more than W1 billion in financial assets. That means just 0.82 percent of the country's population own 58.5 percent of total household assets. Typically these people amassed an average of W820 million at the age of 42 and then increased their wealth. Their number has increased eight percent in just one year.
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NATIONAL/POLITICS
UAE's New Banknote Features Korean-Built Nuclear Plant
A new banknote in the UAE feature a nuclear power plant built by Korea. According to Gulf News, the Central Bank of the UAE marked the country's 51st national day by unveiling the new 1,000 dirham note last week featuring the Barakah nuclear plant.
NORTH KOREA
Kim Jong-un Bestows Hero's Title on Mobile Missile Launcher
North Korea has bestowed a hero's title on a transporter erector launcher that was used to fire a Hwasong-17 intercontinental ballistic missile. This seems to be the first time that an inanimate object has been honored with the country's highest medal.
BUSINESS
Sales of Korean EVs Plummet in U.S. as Subsidies Dry up
Hyundai and Kia posted overall record sales in the U.S. in November, but sales of its flagship electric cars dwindled as government subsidies were stopped. The culprit is the Inflation Reduction Act.