Big-Money Gifts to Minors Skyrocket

      October 01, 2019 13:31

      The value of wealth given to minors as gifts increased from W684.8 billion in 2016 to W1.28 trillion in 2017, according to data from the National Tax Service on Monday (US$1=W1,199).

      A total of W411.6 billion was gifted to minors in three affluent districts in southern Seoul -- Gangnam, Seocho and Songpa. They account for only three percent of all minors in the country, but the amount gifted to them accounted for about 40 percent.

      In the three districts, the number of gifts increased 1.6 times from 1,455 in 2015 to 2,334 in 2017, and the amount rose from W220.6 billion to W411.6 billion.

      Some 49.2 percent (1,028) of the number involved children under 10, accounting W202.5 billion or 44 percent of the amount. In 26 cases the recipient was less than a year old, amounting to W3.4 billion.

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