In 2021, an estimated 424 thousand people in South Korea owned financial assets worth one billion South Korean won or more. This was a year-on-year increase of nearly eight percent. The rise in stock prices was, among other things, the key reason for the jump in the wealth of these millionaires.
High-net-worth-individuals (HNWIs) in South Korea
High-net-worth individuals (HNWI) refer to persons with a net worth of over one million U.S. dollars including their primary residence. The number of HNWIs in South Korea has risen steadily in recent years. While there were about 947 thousand HNWIs in 2015, the number exceeded one million in 2020 and is expected to double the 2015 figure by 2025. South Korea was also among the top 15 countries with the most ultra-high-net-worth individuals (UHNWIs) - those whose net assets, including their homes, exceed 50 million U.S. dollars.
Who are the wealthiest people in South Korea?
In recent years, South Korea has seen an increase in the number of billionaires as well, with the capital Seoul being one of the leading cities in the world with the most resident billionaires. With a net worth of around 9.1 billion U.S dollars, Lee Jae-yong (Jay Y. Lee), vice chairman of Samsung Electronics and son of the late Samsung chairman Lee Kun-hee, was the richest person in South Korea as of April 2022. Kim Beom-su, the founder of South Korea's most popular messaging app KakaoTalk, has reportedly reached a fortune of around 9.1 billion South Korean won as well, leading the wealth ranking along with Samsung vice chairman Lee.
